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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