ExxonMobil, Shell lead Big Oil's eye-watering $221 billion profit binge that Biden has slammed as 'outrageous'
The biggest oil companies of the West saw their combined profit swell to a whopping $221 billion last year, with the latest earning reports capturing many firsts in the businesses' histories.
"Have you noticed Big Oil just reported its profits? Record profits," U.S. President Joe Biden said in his State of the Union speech on Tuesday."Last year, they made $200 billion in the midst of a global energy crisis. I think it's outrageous," he said, referring to the top five firms.
Global energy prices surged after Russia invaded Ukraine in February 2022, hitting multi-year highs in March, and then retreating over the subsequent quarters to reach pre-war levels in recent weeks. Last year's jump in energy prices, combined with major cost cuts implemented during the pandemic, helped propel the oil giants' profits to unprecedented peaks.
Here's a list of the 2022 full-year profits of the seven American and European names among the world's 10 biggest oil companies, along with some analyst comments:
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