12/30/2023 0 Comments Take five oil ceo![]() Shell reported investing around $3.5bn in its renewable energy division in 2022, or 14% of its total $25bn capital expenditure. BP now aims to cut carbon emissions from its oil and gas production by 20–30% by 2030, down from its initial 35–40% target. Meanwhile, BP has announced the company will lower its climate ambitions as it is increasing oil and gas investments. BP has increased the payout to shareholders by 10% and TotalEnergies raised its dividend and has announced a further $2bn buyback of shares. ![]() Shell paid out $6.3bn to shareholders in the last months of 2022 and said it plans another $4bn share buyback. Chevron has announced a $75bn share buyback programme and Exxon has revealed a $50bn repurchase plan. Instead of investing in the transition to clean energy, the oil companies are using the record profits to reward shareholders and invest in stock buybacks. ![]() The record earnings have raised scrutiny about the companies benefitting from war and the energy crisis at a time of increasing energy poverty in many countries and a need for an accelerated energy transition if the world wants to meet Paris Agreement targets. BP blames the lower fourth-quarter results on “a below-average gas marketing and trading result”.ĭuring 2022, the five Big Oil companies more than doubled their profits compared with the year before. The lower profit rates are mostly down to lower fossil fuel prices in the last few months of the year compared with the peak that followed the Russian invasion. BP saw the largest downfall in profits, from $8.2bn in the third quarter to $4.8bn in the last quarter of 2022. Most of Big Oil, Shell excepted, ended the year with lower profits in the fourth quarter compared with the previous quarter. Financial markets expert Refinitiv estimated that ExxonMobil, Chevron, BP, Shell and TotalEnergies would together haul in $190bn in 2022. The profits add up to $199bn and are even higher than analysts predicted.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |