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Crisis year 2022 brought $134 billion in excess profit to the West’s five largest oil and gas companies [1]

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Date: 2023-02 

Global Witness assessed the 2022 annual profits of the five largest integrated private sector oil and gas companies: Chevron, ExxonMobil, Shell, BP and TotalEnergies.



Together, their total profits add up to $195 billion in 2022, nearly 120% more than the previous year, and the highest level in the industry’s history.

ExxonMobil led the pack, reporting an annual net income of $56 billion. That is the highest amount in its 152-year history and almost 1.5 times as much as in 2021.

Excess profits for Exxon & Co

People are not blind to the link between the huge amounts of money the oil and gas industry has been making and the global energy affordability crisis. Across Europe and North America, public pressure has mounted to introduce windfall taxes that would redirect the industry’s excess profits in order to protect households and businesses against the price shock.

Excess profits, or windfall profits, are sudden and significant increases in a company’s financial returns that are due not to their own actions but to external events - such as the war in Ukraine. They are the money on which windfall taxes can be levied.

So, how much excess profit have ExxonMobil, Shell and their peers made in 2022?

Global Witness assessed the financial returns of the five largest Western oil and gas companies. Our method mirrors the European Union’s approach: profits count as excess profits if they are more than 20% above the average return of the previous four years (2018-2021).

The result: In 2022, Chevron, ExxonMobil, Shell, BP and TotalEnergies made $134 billion in excess profits, predominantly due to the effects of the war in Ukraine.

The highest beneficiary, ExxonMobil alone makes up $45 billion of this sum.

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[1] Url: https://www.globalwitness.org/en/campaigns/fossil-gas/crisis-year-2022-brought-134-billion-in-excess-profit-to-the-wests-five-largest-oil-and-gas-companies/

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