The top five international oil majors – ExxonMobil, Chevron, TotalEnergies, Shell and BP – saw their profits drop sharply from 2022’s records as oil prices eased. But collective net earnings of $123bn, versus 2023’s record $195bn (MEES, 10 February 2023), were still high by any sort of historical standards.

The US big two, Exxon and Chevron, both posted their second highest profits since 2012 as their domestic output hit new record highs (MEES, 9 February). (CONTINUED - 989 WORDS)