The largest oil and gas producers earned nearly $ 100 billion in the first quarter of 2022 | Oil

The turmoil of war and climate change has proven to be in favor of the world’s leading oil and gas companies, with financial records showing 28 of the largest producers in the first three months of 2022. In total, it made a profit of nearly $ 100 billion.

Supported by soaring petroleum product prices following the turmoil of Russia’s invasion of Ukraine, the major fossil fuel business was a huge success in the first quarter of this year, with gross profit of $ 93.3 billion.

shell make From January to March, profits were $ 9.1 billion, almost triple the same period last year, but Exxon raked at $ 8.8 billion, nearly triple in 2021.

Chevron raised profits to $ 6.5 billion and BP enjoyed the highest first quarter profits of 10 years. Earn $ 6.2 billion.. Texas-based company Coterra Energy showed the largest relative plunge of the 28 companies, with last year’s profits up 449% to $ 818 million.

With inflation soaring in many countries, soaring profits have led some companies to return billions of dollars to shareholders through share buybacks and dividends.

Bar chart of first quarter profits for oil companies in 2021 and 2022.

Ben Van Beurden, Shell’s CEO, said the company’s performance was “helped by Macro, and Macro was affected by the war in Ukraine.” He added that this situation means “we have a better company, better performance, and certainly our shareholders will also benefit from it.”

Murray Auchincloss, Chief Financial Officer of BP, Said February: “Sure, you may be getting more cash than we know what to do.”

But climate change activists Called He argued that the interests were “obscene” and that fossil fuel supplies would not be so extravagant if the government acted appropriately to combat the growing climate crisis.

“The desires of these companies are staggering,” said Lori Lodes, executive director of the advocacy group ClimatePower. “I heard their executives bragging about how much the pain of inflation and the tragedy of the war in Ukraine allowed them to raise prices. These benefits are directly in their pockets. “

Oil companies claim they haven’t set global prices for oil, but the world is rapidly phasing out fossil fuel use to avoid unleashing catastrophic heat waves and droughts. Given the scientists’ warning that it should be, the surge in profits is offensive. As a result of rising sea levels and worsening of other climate emergencies.

Wealth in the oil and gas industry also highlights that far more money is flowing from the destruction of a livable climate than the effort to maintain it.

Twenty-eight major oil and gas companies made a total profit of $ 183.9 billion in 2021. This is a dwarfed amount of some major but awkward climate measures. Wealthy nations have promised, But so far the delivery has failedThe largest law in U.S. history to combat the climate crisis, spending $ 100 billion annually to help developing countries deal with the effects of climate cost Approximately $ 55 billion annually with Republicans over the next 10 years Pro-Coal Democratic Senator Joe Manchin..

A bar graph of the oil company’s 2021 annual profits compared to the two climate initiatives.

International Energy Agency Said If the world reaches zero net heating emissions by 2050, there can be no new oil, gas or coal mines. Almost two-thirds of all identified oil and gas reserves Must stay on the ground Scientists say that beyond the pre-industrial era, compound disasters occur to avoid violating the 1.5 ° C temperature rise.

Giant tranche New “Carbon Bomb” oil and gas project is being trained from industryHowever, it risks blowing away international climate goals and disappointing prominent supporters. “Investing in new fossil fuel infrastructure is a moral and economic madness,” UN Secretary-General Antonio Guterres said in April.

“Climate change activists are sometimes portrayed as dangerous radicals, but the really dangerous radicals are countries that are increasing fossil fuel production.”

In the United States, increased profits have offended Joe Biden. Complained Despite the recent chill in oil prices, the cost of gasoline faced by drivers remains high. A democratic ally of Congressman’s president has proposed a new storm tax for oil companies that will be used to send payments to Americans affected by rising living costs.

Democratic senator Sheldon Whitehouse said, “Unsatisfied with wasting the crisis, oil company executives use their plunging profits to withdraw their wages and seek stock buybacks. By doing so, we are taking advantage of the international situation. ” I will impose a tax.

“We should regain the excess profits of big oil and send them to Americans who have paid exorbitant prices with gas pumps.”

Today, most major oil companies have their own climate goals, such as the Exxon pledge. In January However, these promises are primarily focused on emissions resulting from oil and gas drilling and transportation operations, rather than actual use by consumers, who make up the majority of pollution.

Bar graph of low carbon spending for some oil companies

Few companies have reported on their investments in clean energies such as wind and solar, or their CO removal efforts.2 From the atmosphere.For companies quoting these numbers, such climate-friendly investments are a very minor sideline and are usually Only a few percentage points Of the overall budget.

Simon Fischweicher, Head of Corporate and Supply Chain for CDP, a non-profit organization, said: Helps companies disclose their environmental impact.

The CDP estimates that the oil industry will need to invest three-quarters of its capital spending on low-carbon technologies to avoid catastrophic climate change.

“There is a big gap between what needs to happen and what is promised,” Fischweicher said. “We haven’t seen a renewable energy commitment that matches the ambitions we need. I’ve seen that none of these companies have promised Net Zero on the use of their products. There is still a lot to do. “

The largest oil and gas producers earned nearly $ 100 billion in the first quarter of 2022 | Oil

Source link The largest oil and gas producers earned nearly $ 100 billion in the first quarter of 2022 | Oil

Back to top button