Energy
Big Oil Profits Reached Record High Levels in 2022
Article/Editing:
Big Oil Profits Reached Record High Levels in 2022
Last year was a great year for oil companies.
Global crude oil prices had already escalated as global economies began recovering, and demand increased after the onset of the COVID-19 pandemic. Russia’s invasion of Ukraine shot these prices further up as fossil fuel trade fell under the microscope.
In this graphic, Vipul Sharma of Mastermind Investor uses accumulated earnings data from Energy Monitor to highlight the five companies that made a cumulative profit of over $200 billion in 2022.
The Five Big Oil Winners
Within the span of one year, the five Big Oil companies — ExxonMobil, Chevron, Shell, BP, and TotalEnergies — more than doubled their profits.
| Company | Profit 2021 | Profit 2022 |
|---|---|---|
| ExxonMobil | $23B | $59.1B |
| Shell | $19.3B | $39.9B |
| Chevron | $15.6B | $36.5B |
| TotalEnergies | $18.1B | $36.2B |
| BP | $12.8B | $27.7B |
Securing a total profit of $59.2 billion, U.S. oil giant ExxonMobil recorded the highest total of the lot. In 2021, the company’s profits were $23 billion or less than half of 2022’s haul.
It was joined by Chevron, whose profits rose by over 134% to $36.5 billion, and Shell, whose profit of $39.9 billion was the highest in the company’s 115-year history.
Where Will This Money Go?
One of the main focuses of the COP27 conference in Egypt last year was the global attempt to phase down fossil fuels and move to clean energy.
So far, these massive profits have largely gone to stock buybacks and reinvesting in shareholders. With lower oil prices so far in 2023, how will Big Oil react and spend moving forward?
This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.
Urbanization
Charted: China’s Energy Needs Keep on Rising
After rapid industrialization in the 1990s, mass urbanization is driving demand even higher.
Charted: China’s Energy Needs Keep on Rising
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Beginning in the 1990s, rapid industrialization in China led to increased electricity demand for factories and infrastructure. Now, mass migration to cities and improved living conditions are pushing demand even higher.
This graphic compares electricity demand in China with that of the U.S., EU, and India from 1991 to 2025 (forecasted), measured in terawatt-hours (TWh) according to data from the International Energy Agency (IEA).
The Impact of Urbanization
In China, cities have surpassed the industrial sector to become the largest consumers of energy.
According to estimates by China’s national statistics department, a 1% increase in the urbanization rate leads to a rise in total energy consumption by at least 60 million tons of coal.
Additionally, urban households consume 50% more energy per capita than rural households.
As a result, electricity demand in China is forecasted to reach 10,498 TWh in 2025, compared to 4,475 TWh in the U.S.
| Country/Bloc | Forecasted Electricity Demand in 2025 (TWh) |
|---|---|
| 🇨🇳 China | 10,498 |
| 🇺🇸 United States | 4,475 |
| 🇪🇺 European Union | 2,692 |
| 🇮🇳 India | 1,734 |
At the bottom of the graphic, India is also showing increasing energy consumption due to impressive economic growth, particularly in the last 10 years.
With the largest population in the world and a heavy reliance on fossil fuels like crude oil, natural gas, and coal, India is taking steps to decouple its economic growth from greenhouse gas (GHG) emissions. Among these efforts, the government has announced several new initiatives to promote green hydrogen, battery storage, and offshore wind.
Learn More on the Voronoi App 
To see more data on electricity usage, see how the G20 countries generate their electricity in this visualization on Voronoi.
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