The West's top energy firms are expected to rake in a combined record profit of $200 billion from a turbulent 2022 marked by huge volatility in oil and gas prices after Russia's invasion of Ukraine with buoyant earnings likely to roll through 2023.
Flush with cash, BP (BP.L), Chevron (CVX.N), Exxon Mobil (XOM.N), Shell (SHEL.L) and TotalEnergies (TTEF.PA) also delivered shareholders unprecedented returns through dividends and share buybacks last year.
These firms are expected to post a combined profit of $199 billion for 2022 when they report final quarterly results later this month and in early February.
Profits are forecast to decline to $158 billion this year due to weaker energy prices and inflationary concerns, but that would still be well above the previous 2011 record, according to analysts estimates provided by Refinitiv.
A strong 2022 also helped these companies cut their debt to a combined $100 billion, a 15-year low, allowing them to start 2023 more prepared for any future downturn.
"Because of this, we expect shareholder returns to remain robust for the year," RBC Capital Markets analysts said in a note.
