“Exxon and Chevron share $100bn in profit after surge in oil prices”
January 2, 2023
“ExxonMobil and Chevron are expected to rake in almost $100bn in combined profits from 2022 as the US corporate oil titans capitalise on surging fossil fuel prices following Russia’s invasion of Ukraine. The profit bonanza is seen by the oil majors as vindication after the companies resisted pressure from activists and some shareholders to pivot away from their core oil and gas businesses and slash climate-warming emissions. Exxon was expected to record more than $56bn in profits in 2022 and Chevron is set to top $37bn, record highs for both companies, according to Wall Street estimates compiled by S&P Capital IQ…”