LONDON (Reuters) – Big oil company profits more than doubled in 2022 to $219 billion (204 billion euros), shattering previous records in a year marked by oil price volatility. energy and Russia’s invasion of Ukraine, which reshaped global energy markets and, in some cases, the sector’s climate ambitions.
The accumulated profits have enabled BP, Chevron, Equinor, Exxon Mobil, Shell and TotalEnergies to pay large dividends to their shareholders, prompting protests and calls for governments to impose windfall taxes on the sector.
Equinor on Wednesday announced a doubling of its adjusted operating profit in 2022, to $74.9 billion. The Norwegian group has become Europe’s largest gas supplier after Russia’s Gazprom cut deliveries amid Western support for Ukraine.
Soaring oil and gas prices, falling debt levels and a sharp drop in supplies to Europe from Russia have also prompted corporate boards to increase their spending on fuel production. fossil fuels while States have sought to secure supplies.
TotalEnergies chief executive Patrick Pouyanné said on Wednesday, after the French company reported record profits of $36.2 billion, the global backdrop remained very supportive, with the easing of health measures in China dragging an increase in demand for 2023.
European companies, which have presented plans to reduce or slow down investments in oil and gas in order to reduce greenhouse gas emissions, have adjusted their strategies.
“We need low-carbon energy, but also secure and affordable energy,” BP chief executive Bernard Looney said on Tuesday.
BP stock hit its highest level in three and a half years on Wednesday, after gaining 7.6% the day before, following the results and the change in strategy.
(Report Ron Bousso, French version Augustin Turpin, edited by Blandine Hénault)
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