Overall Profits Of Oil Giants Slump in 2023

Recently, oil giants ExxonMobil, Chevron, Shell and Total Energy have all announced their 2023 results. The results show that, overall, the oil giants' overall profits declined due to cooling global oil and gas prices.

ExxonMobil: profit down 35.41% year-on-year

For the full year 2023, ExxonMobil's profit was $36 billion, down 35.41% year-on-year. Capital expenditures were $26.32 billion. As of the fourth quarter, the company's free cash flow was $36.1 billion, down about 4% from the previous quarter.

Shell: profits down 30% year-on-year

In 2023, Shell's performance was less than satisfactory. The company's profit fell 30% year-on-year to $28.25 billion due to cooling oil and gas prices, while in the same period last year, Shell's net profit reached $39.87 billion, the highest level in its 115-year history.

Total Energy: profit down 36%

For the full year 2023, Total Energy's net profit fell 36% year-on-year to $23.2 billion. However, earnings from the company's liquefied natural gas (LNG) business were "robust" due to strong production growth.

Chevron: net profit down nearly 40%

For the full year 2023, Chevron's profit fell nearly 40% year-on-year to $21.369 billion, as revenues from oil production and refinery fuels plummeted amid a year of missteps and allegations.