Exxon and Chevron face record 2022 profits

The two US oil majors will expectedly book combined profit of nearly USD 100bn in their full-year financial reports.
Photo: Angus Mordant
Photo: Angus Mordant

US-based oil and gas companies ExxonMobil and Chevron will probably report record profits for 2022, marking a sharp turnaround from business conditions during the height of the Covid-19 pandemic.

The two fossil giants will likely make combined profits of almost USD 100bn for the year on account of capitalizing on soaring fuel prices resulting from Russia’s invasion of Ukraine, reports Financial Times.

Estimates compiled by S&P IQ show Exxon’s 2022 profit totaling USD 56bn, while Chevron’s is forecast to hit USD 37bn.

Such outcomes manifesting would mean record-high results for both groups, and would thus also be a significant development out of both companies’ situation during 2021, marked by low oil prices brought about by the pandemic as well as effects of the companies’ climate strategy -- of lack thereof, Financial Times writes.

Exxon and Chevron have both refused to pursue less unsustainable strategies such as called for by climate activists and certain shareholders. Both group’s insist that oil and gas will continue to drive the global economy for decades to come despite global efforts to discontinue use of climate change-exasperating fossil fuels.

Think tank Carbon Tracker deems that these companies’ long-term growth plans are irreconcilable with the US government’s climate objectives – a position that could very well prove to be a financial risk, the British business media reports.

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