First Quarter Profits of Oil and Gas Giants in 2023
By Anshula Mandaokar , 15 May, 2023
The gas prices are falling from the year 2022 but the U.S. and European oil companies like ExxonMobil, Shell, TotalEnergies and Chevron continue to rake in the record earnings. ExxonMobil recorded the profit of first quarter, which was more than the double before one year and also topped the Wall Street estimates as the rising gas and oil prices overcame a pullback in the energy prices from high levels.
The net profit of Exxon climbed up to USD11.43 billion but a year ago it was USD 5.48 billion which also included USD3.4 billion after-tax writedown in order to exit Russia. ExxonMobil made this profit of USD 11.43 billion in the first three months of 2023. Again, the French company TotalEnergies also reported a quarterly net profit up 12 percent year-on-year up to USD 5.6 billion. Lastly, Chevron and Shell saw their profits climbing up to 5 percent year-on-year to USD6.6 billion and USD9.6, respectively.
Exxon’s chief financial officer in an interview mentioned that “despite the energy prices and refining margins softening a bit the company was able to deliver the first-quarter record”. The strong production growth became the biggest contributor to the better-than-expected earnings for these companies. Also, the Exxon’s quarterly profit had the impact of new volumes of crude oil and fuels from the new offshore developments and other refining facilities.
Exxon's Record Breaking Year- Texas Oil Giant Posts Highest-Ever Annual Profit
Latest News
The United States went through a decline in oil and gas drilling activities in 2024. Since the beginning of the year, the United States has faced many challenges in keeping up with the oil drilling process. Recently, the surveys showed that the total…
Electrification in the energy sector will ramp up in the United States in 2024. The nation aims to set up data centers and increase the production of electric vehicles, citing the green energy transition. Both activities demand a high electricity…
Renewables are in high demand in the energy market in 2024. It is due to a clean energy transition that requires a constant flow of renewables in the energy market. The green transformation to combat climate change brings about several environmental…
Companies are making significant moves towards the clean energy transition in various ways. In order to reduce carbon emissions, certain companies are investing in several rescue methods in 2024. Renewables production is growing over time as the…
Amazon is one of the leading global e-commerce platforms for consumers. The brand boosts its online shopping experience for users in multiple ways. Surveys show that Amazon regulates several business solutions to increase its products and services…
Team Lead - Research