Global crude oil prices had already escalated as global economies began recovering, and demand increased after the onset of the COVID-19 #pandemic. Russia’s invasion of Ukraine shot these prices further up as fossil fuel trade fell under the microscope.

In this graphic, Vipul Sharma of Mastermind Investor uses accumulated earnings data from Energy Monitor to highlight the five companies that made a cumulative profit of over $200 billion in 2022.

The Five Big Oil Winners

Within the span of one year, the five Big Oil companies ⁠— #ExxonMobil, #Chevron, #Shell, #BP, and #TotalEnergies ⁠— more than doubled their profits.

Securing a total profit of $59.2 billion, U.S. oil giant ExxonMobil recorded the highest total of the lot. In 2021, the company’s profits were $23 billion or less than half of 2022’s haul.

It was joined by Chevron, whose profits rose by over 134% to $36.5 billion, and Shell, whose profit of $39.9 billion was the highest in the company’s 115-year history.

Where Will This Money Go?

One of the main focuses of the #COP27 conference in #Egypt last year was the global attempt to phase down fossil fuels and move to clean energy.

So far, these massive profits have largely gone to stock buybacks and reinvesting in shareholders. With lower oil prices so far in 2023, how will Big Oil react and spend moving forward?

AFRICA NEEDS to benefit more from its natural resources. According to #data from Oil Change International, just 33% of projected oil and gas production in #Africa is controlled by African companies.

The majority is controlled by companies in the global North; particularly #Europe, with 36%, but also A Asia and North America.

These companies have the only claim on the #fuels that African fossil fuel projects generate, making it highly unlikely that a significant share of the #revenues from their sale will remain in Africa to fund local #development