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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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Mapped: Air Pollution Levels Around the World in 2022

Exploring 2022 average air pollution levels around the world by PM2.5 concentration.

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Mapped: Air Pollution Levels Around the World

This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.

The World Health Organization (WHO) estimates that air pollution leads to 7 million premature deaths every year.

Out of the six common air pollutants, particulate matter measuring 2.5 microns or smaller in diameter, or PM2.5, is accepted as the most harmful to human health. This is due to its prevalence in the atmosphere and the broad range of adverse health effects associated with its exposure, such as heart disease, stroke, lung cancer and chronic respiratory diseases.

With that context in mind, this visualization uses IQAir’s World Air Quality Report to map out the 2022 average PM2.5 concentrations in select major cities around the globe, expressed in micrograms per cubic meter (μg/m³).

Understanding the WHO Air Pollution Guidelines

Did you know that in 2019, only 1% of the global population lived in places where WHO global air quality guidelines were met?

Designed to protect public health from the harmful effects of air pollution, the guidelines cover a range of air pollutants, including particulate matter, ozone, nitrogen dioxide, sulfur dioxide, and carbon monoxide.

The healthy limits for PM2.5 are set at an annual average of 0-5 μg/m³.

WHO Classification Annual Average PM2.5 Concentration (μg/m³)% of countries within classification, 2022*
WHO Air Quality Guideline0 - 5 9.9%
Interim Target 45.1 - 10 18.3%
Interim Target 310.1 - 15 19.8%
Interim Target 215.1 - 25 28.2%
Interim Target 125.1 - 359.9%
Exceeds Target Levels 35.1 - 50 7.6%
Exceeds Target Levels> 50 6.1%

*Percentages are calculated as a proportion of the 131 countries that had sufficient air quality data and were included in IQAir’s World Air Quality Report in 2022.

According to IQAir’s World Air Quality Report, only 13 countries or territories met the recommended concentration of PM2.5 in 2022. Among them were Australia, Finland, Puerto Rico, Iceland, Bermuda, and Guam.

Above this guideline, many countries fell within the four interim targets, while nearly 14% recorded air pollution levels that exceeded all target levels.

The Effects of Air Quality on Mortality

While it can be a little difficult to grasp what the above concentrations represent, thinking of them in terms of their effect on mortality can shed some light on their significance.

According to the WHO, non-accidental mortality rates multiply by 1.08 per 10 µg/m³ increase in PM2.5 concentration, but only up to 35 μg/m³. Above that, mortality growth rates may not be linear, resulting in many more deaths.

Here is an example to highlight what that means.

  • Say that, for a population living within the WHO PM2.5 guideline, the non-accidental mortality rate is arbitrarily set to 100 deaths for a given period.
  • If this area’s PM2.5 concentration goes up to 10 μg/m³, putting them at Interim Target 4, they would see 104 deaths in that same amount of time.
  • At Interim Target 3, where their PM2.5 concentration would be 15 μg/m³, they would see 108 deaths.
  • At Interim Target 2, they’d see 117.
  • Finally, at Interim Target 1, they’d see 126.

Beyond Interim Target 1 (above 35 μg/m³), deaths would potentially grow much faster. As of 2022, around 14% of countries report levels above this threshold, including Chad, India, Pakistan, Qatar, and Nigeria.

The State of Air Pollution Around the World

While many cities in North America and Europe have seen steady and relatively lower PM2.5 concentrations during the last few years, many cities (especially those in Asia) have been making strides in lowering their air pollution levels.

Nonetheless, many of them still record PM2.5 concentrations that are more than six times the WHO guideline.

City2022 annual average PM2.5 concentration (μg/m³)2018 annual average PM2.5 concentration (μg/m³)
🇪🇬 Cairo, Egypt47.4N/A
🇮🇳 Mumbai, India46.758.6
🇦🇪 Dubai, UAE43.755.3
🇮🇩 Jakarta, Indonesia36.245.3
🇳🇬 Lagos, Nigeria36.1N/A
🇨🇳 Beijing, China29.850.9
🇵🇪 Lima, Peru25.628
🇲🇽 Mexico City, Mexico22.119.7
🇨🇳 Guangzhou, China21.333.2
🇵🇭 Manila, Philippines14.6N/A
🇦🇷 Buenos Aires, Argentina14.212.4
🇸🇬 Singapore, Singapore 13.314.8
🇮🇹 Rome, Italy12.6N/A
🇰🇪 Nairobi, Kenya11.5N/A
🇷🇺 Moscow, Russia10.810.1
🇧🇷 Rio de Janeiro, Brazil10.6N/A
🇺🇸 Los Angeles, USA10.514.4
🇺🇸 New York, USA9.9N/A
🇬🇧 London, UK9.612
🇯🇵 Tokyo, Japan9.213.1
🇨🇦 Toronto, Canada8.57.8
🇨🇦 Vancouver, Canada7.6N/A
🇳🇴 Oslo, Norway6.98.2
🇿🇦 Cape Town, South Africa 6.7N/A
🇺🇸 Miami, USA 6.47.8
🇦🇺 Perth, Australia 4.9N/A
🇦🇺 Sydney, Australia3.17.6

Most parts of the world did not meet the annual WHO recommendation for clean and healthy air in 2022.

However, the cost of inaction toward cleaner air is very high. In addition to the millions of premature deaths each year, the global cost of health damages associated with air pollution currently sits at $8.1 trillion.

Unfortunately, things that are integral to our quality of life, such as industrial activities, transportation, energy production, and agricultural practices, are also the leading causes of air pollution around the world.

As such, a multi-faceted approach to lowering pollution is essential to protect lives, especially to benefit those already more vulnerable to poor air quality, such as kids and the elderly.

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