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.

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Anshula Mandaokar

Team Lead - Research