For 2023, the supermajors booked smaller profits, although in absolute terms, the figures were yet again quite impressive.
Supermajors had a record-shattering financial year in 2022. To the invariable chagrin of their governments, all of the big international oil companies made the most money in their history thanks to the oil and gas price rally sparked by the war in Ukraine. Then, prices fell. For 2023, the supermajors booked smaller profits, although in absolute terms, the figures were yet again quite impressive, even as predictions of peak oil demand intensified and multiplied.
Related How To Profit From Europe’s $800 Billion Energy Crisis Then there was TotalEnergies, which somehow did the impossible and booked an even higher profit for 2023 than it did for 2022. The company reported profits of $21.4 billion for last year, which was 4% higher than its net result for the previous year. The reason behind the rise was the strong performance of its LNG business and its electricity business.
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