ExxonMobil and Chevron report second-largest annual profits in a decade

US oil giants Exxon Mobil and Chevron announced their second largest annual profits in a decade.

US oil giants have announced combined profits of £45bn for 2023.

Profits fell from the record highs achieved in 2022 as oil and gas prices fell from the peak that followed the Russian invasion of Ukraine.

Major US oil companies have also been criticized by environmental activists for increasing oil and gas production.

Chevron has reported total profits of £16.8bn for 2023 – 39 per cent lower than the record £27.8bn set the previous year.

Strong performance: Oil giants ExxonMobil and Chevron report combined profits of £45bn for 2023

Strong performance: Oil giants ExxonMobil and Chevron report combined profits of £45bn for 2023

But it was the energy company’s second-highest profit since 2013.

Exxon’s profits fell by 35 percent from £43.7 billion to £28.2 billion in 2023.

Otherwise, this was his strongest performance since 2012.

Chevron gave shareholders £20.4bn in 2023 – 18% higher than the previous record set in 2022, while Exxon distributed £25.5bn to investors.

Both raised domestic oil production in the United States last year and announced huge deals to acquire rival companies.

(tags for translation) Daily Mail

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