Big Oil Profits Reached Record High Levels in 2022

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Big Oil Profits Reached Record High Levels in 2022

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This visual highlights the five big oil companies that doubled their individual profits and earned a combined profit of over $200 billion in 2022.

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 2021Profit 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?

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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.

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Energy

Ranked: Top Countries by Annual Electricity Production (1985–2024)

What does electricity production say about these countries and their economies? We take a look at China versus America.

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Ranked: Top Countries by Annual Electricity Production

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.

Key Takeaways

  • China tops the list for electricity production in 2024.
  • The world’s second-largest economy produced over 10,000 TWh of electricity.
  • That’s more than the combined output of the U.S., EU, and India—the next three biggest producers.

A light bulb is a symbol for innovation, ingenuity, and progress.

While it lends itself well as a visual metaphor for “bright idea,” the electricity powering it is also fundamental to the functioning of modern economies.

Which is why when we visualize the top countries by annual electricity production between 1985–2024, the world’s largest economies are the ones that show up on the chart.

Figures for this graphic are sourced from Our World in Data, measured in terawatt-hours (TWh)

Ranked: The Largest Electricity Producers in the World

China generated over 10,000 TWh of electricity in 2024.

For context, that’s more than the combined output of the U.S., EU, and India—the next three biggest producers.

Year🇨🇳 China (TWh)🇺🇸 U.S.🇪🇺 EU🇮🇳 India🇷🇺 Russia🇯🇵 Japan
19854112,6572,023186962672
19864502,6762,0762031,001676
19874972,7722,1482241,047719
19885452,9142,1982411,066754
19895853,1552,2472721,077800
19906213,2332,2742881,082882
19916783,2712,3173201,068911
19927543,2842,3043371,008917
19938123,4052,304362957926
19949283,4592,339388876985
19951,0073,5672,4094278601,011
19961,0813,6632,4924438471,030
19971,1363,7162,5084698341,055
19981,1673,8562,5635058271,060
19991,2393,9362,5885478461,079
20001,3563,8022,6225718781,100
20011,4813,7282,6995868911,083
20021,6543,8442,7226108911,103
20031,9113,8692,8006389161,093
20042,2033,9522,8686989321,121
20052,5004,0352,8847059541,153
20062,8664,0472,9327449921,164
20073,2824,1432,9487961,0191,180
20083,4964,1082,9608281,0401,184
20093,7153,9402,8088809931,114
20104,2074,1142,9459371,0381,156
20114,7134,0892,9091,0341,0551,104
20124,9884,0412,9031,0921,0691,107
20135,4324,0562,8841,1461,0591,088
20145,7944,0962,8241,2621,0641,063
20155,8154,0842,8701,3221,0681,030
20166,1334,0882,8911,4021,0911,064
20176,6044,0522,9241,4711,0911,077
20187,1664,2022,9081,5791,1091,083
20197,5034,1582,8741,6221,1181,047
20207,7794,0432,7531,5821,0851,011
20218,5344,1542,8751,6961,1571,035
20228,8494,2872,7771,8291,1671,041
20239,4564,2542,6981,9581,1781,013
202410,0734,3872,6982,0581,2111,022

Note: EU’s latest figure is from 2023.

China’s rapid rise in electricity generation fueled its equally rapid economic growth. In fact, research found that 1% increase in its electricity production corresponded to 0.17% increase in GDP (but not vice-versa).

However, in 2015 the Chinese government mandated a dual control policy to power generation. This meant reducing energy intensity by forcing shutdowns along with developing renewable sources to curb their emissions.

For reference, China also produces the most wind and solar energy in the world.

Why China Generates & Consumes More Electricity Than U.S.

If electricity generation (and consumption) correspond so closely to economic growth, then why is China still the second-largest economy in the world when it’s far outpaced the U.S. in power production?

The answer lies in how electricity is consumed in each country. Data from the IEA shows that industry is the primary consumer for China’s electricity.

CountryMain Consumption SectorShare of Total Electricity Use
🇨🇳 ChinaIndustry59%
🇺🇸 U.S.Residential38%

Source: IEA: China’s electricity profile and the U.S. electricity profile.

On the other hand, America’s primary electricity consumers are residential homes.

A quick reminder that over the last two decades, manufacturing and heavy industries (with the exception of oil and gas production) have moved to China from the rest of the world, driving its extraordinary economic growth.

Meanwhile, the U.S. economy is powered by consumption of goods and high-value services, both which aren’t as energy-intensive as manufacturing.

Thus, China needs more to power itself because of its economic structure, and not only because it has more people.

Finally, the emergence of AI, and the demand for data centers means that U.S. electricity consumption (and generation), which has been steady for the last 20 years, is ticking up again.

Learn More on the Voronoi App

This chart is best viewed with other data in context. Check out: Visualizing China’s 18.6 Trillion Economy by Sector to see how much industry contributes to the country’s GDP.

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