Big Oil more than doubled its profits in 2022 to $219 billion, smashing previous records in a year of volatile energy prices where Russia's invasion of Ukraine reshaped global energy markets and, in some cases, the industry's climate ambitions.
The profit surge gave the oil companies scope to increase spending on oil and gas projects, and a chance for some to rethink energy transition strategies to meet new demands for security of supply.
The combined $219 billion in profits allowed BP, Chevron, Equinor, Exxon Mobil, Shell and TotalEnergies to shower shareholders with cash.
The top Western oil companies paid out a record $110 billion in dividends and share repurchases to investors in 2022, spurring outraged calls on governments to impose windfall taxes on the industry to help consumers with surging energy costs.
Norway's Equinor on Wednesday reported a doubling of adjusted operating profit in 2022 to $74.9 billion on the back of a surge in European natural gas prices and as it became Europe's largest gas supplier after Russia's Gazprom cut deliveries amid the West's support for Ukraine.
Oil companies last year also pulled out of Russia, a major energy producer, leading to huge writedowns, including BP's $24 billion exit from its 19.75% stake in Kremlin-controlled oil giant Rosneft.
