While 2022 inflicted hardship upon many people around the world due to soaring inflation, climate-driven disasters and war, the year was lucrative on an unprecedented scale for the fossil fuel industry, with the five largest western oil and gas companies alone making a combined $200bn in profits.
In a parade of annual results released over the past week the “big five” – Exxon, Chevron, Shell, BP and TotalEnergies – all revealed that last year was the most profitable in their respective histories, as the rising cost of oil and gas, driven in part by Russia’s invasion of Ukraine, helped turbocharge revenues.
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