The two largest US majors, ExxonMobil and Chevron, both reported their Q4 and 2022 results over the past week. And both saw record profits. Exxon’s $55.7bn topped the previous figure of $45bn set back in 2008, with Chevron’s $35.5bn also a record.
Exxon’s 2022 capex came in at $22.7bn, up 37% on 2021 though still little more than half decade-ago levels. For 2023, Exxon plans to spend $24bn, at the top end of its mid-term target, whilst Chevron’s planned 2023 capex of $17bn is up from $15.7bn for 2022. (CONTINUED - 1143 WORDS)