Three of the largest oil and gas producers this week reported strong combined profits of $85.6 billion in 2023.
On Friday, Exxon Mobil reported $36 billion in profit for the year, supported by further oil and gas production. Chevron outlined profits of $21.4 billion — the second-largest profits in a decade for both. Shell, on Thursday, reported adjusted earnings of $28.25 billion for the year, down significantly from 2022 but also the second-largest in a decade.
“In 2023, we returned more cash to shareholders and produced more oil and natural gas than
any year in the company’s history,” said Mike Wirth, Chevron’s chairman and chief executive
officer.
For Exxon and Chevron, the resilient profits were partly driven by strong growth in oil and gas production in the United States. The companies’ renewed focus on domestic fossil fuel production has spurred backlash from environmentalist activists.
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The decrease in profits in 2023 reflects that oil prices have weakened since the Russian invasion of Ukraine. However, some of the figures beat estimates from Wall Street. Exxon and Chevron were able to report higher than expected earnings per share during the fourth quarter but fell short of expected revenue. Shell was able to report higher than anticipated earnings for the final quarter and net income for the full year.
Exxon was able to return $32.4 billion to shareholders last year, Chevron $26.3 billion, and Shell returned $23 billion to shareholders.
