Oil & Gas Giants Post Record Q1 Profits

This article is published in collaboration with Statista

by Martin Armstrong

Despite oil and gas prices falling from last year's highs, the U.S. and European oil giants - ExxonMobil, Shell, Chevron and TotalEnergies - continue to rake in record earnings. After breaking their annual profit records in 2022, they all just posted their highest ever Q1 net profits, too.

ExxonMobil made a profit of $11.4 billion in the first three months of 2023, double the $5.5 billion in the first quarter of 2022. French company TotalEnergies, meanwhile, reported a quarterly net profit up 12% year-on-year to $5.6 billion, while Shell and Chevron saw their profits rise about 5% year-on-year to $9.6 billion and $6.6 billion, respectively.

For comparison, these numbers are two to four times Amazon's quarterly profit this year ($3.2 billion in Q1).

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