Oil and gas giants collected almost 30% less in 2023 than in 2022.

Although the world's largest oil and gas companies are still making enormous profits, their revenues have significantly decreased since the peak in 2022. Lower oil prices and a sharp decline in gas demand have led the biggest players in this market to lose profits amounting to several billion dollars last year. According to AltIndex.com, Exxon Mobil, Shell, Total Energies, and Chevron took in around $107.5 billion in 2023 – almost 30% or $44 billion less than the previous year.

Chevron with the Largest Decline

According to Statista and official company data, the American company ExxonMobil recorded a massive decline in annual net income by 35%. Last year, the company earned $36 billion, while it was $55.7 billion in 2022. Another US oil giant, Chevron, reported an even larger profit drop. Official company data shows that net profit decreased by almost 40% compared to the previous year, from $35.5 billion in 2022 to $21.4 billion last year.

The British oil and gas giant Shell also had to contend with a double-digit profit decline, with its net profit falling by 29% year-on-year. Between January and December, the company earned $28.3 billion, down from $39.9 billion the previous year.

Only TotalEnergies in the Plus

The statistics show that French company TotalEnergies is the only entity on this list that achieved better results for the entire year compared to 2022. After exiting its stake in the state-controlled Russian oil and gas company Rosneft last year, BP suffered a financial setback worth $25 billion and ended the first half of 2022 with a net loss of –$10.5 billion. However, since then, the company has recovered and ended the first half of 2023 with a net profit of $10.3 billion. This figure climbed to $21.4 billion by the end of the year, reflecting a 4% increase compared to the 2022 results.