Energy

Big Oil Profits Reached Record High Levels in 2022

Published

2 years ago

April 26, 2023

Vipul Sharma

Featured Creator

Article/Editing:

Freny Fernandes

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 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.

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Oil and Gas

Mapped: How Much Each Country Pays for Gas in 2025

Production and refining costs, transportation and distribution fares, and taxes and subsidies all affect how much everyone pays for gas.

Published

7 days ago

February 12, 2025

Pallavi Rao

This map tracks the retail price of gas in 169 countries and territories around the world. Data is sourced from Global Petrol Prices, as of Feb 3rd, 2025.

Mapped: How Much Each Country Pays for Gas in 2025

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.

This map tracks the retail price of gas in 169 countries and territories around the world. Data is sourced from Global Petrol Prices, as of Feb 3rd, 2025.

Gas is more commonly known as petrol, and also priced per liter in many places. The equivalent cost has been included in the table in the next section.

Ranked: Countries by How Much They Pay for Gas

Even amongst the cluster of countries with cheap gas in the Middle East, pump prices in Iran are astonishingly low.

On average, Iranians paid 11 cents per gallon in the week of February 3rd.

On the other hand, people in Hong Kong paid close to $13/gallon in the same time period.

Country	($ / Gallon)	($ / Liter)
🇮🇷 Iran	0.11	0.03
🇱🇾 Libya	0.12	0.03
🇻🇪 Venezuela	0.13	0.03
🇦🇴 Angola	1.24	0.33
🇪🇬 Egypt	1.28	0.34
🇩🇿 Algeria	1.28	0.34
🇰🇼 Kuwait	1.29	0.34
🇹🇲 Turkmenistan	1.62	0.43
🇲🇾 Malaysia	1.75	0.46
🇰🇿 Kazakhstan	1.78	0.47
🇧🇭 Bahrain	2.01	0.53
🇧🇴 Bolivia	2.05	0.54
🇶🇦 Qatar	2.18	0.58
🇷🇺 Russia	2.28	0.60
🇸🇦 Saudi Arabia	2.35	0.62
🇴🇲 Oman	2.35	0.62
🇦🇿 Azerbaijan	2.45	0.65
🇮🇶 Iraq	2.46	0.65
🇸🇩 Sudan	2.65	0.70
🇦🇪 UAE	2.71	0.72
🇪🇨 Ecuador	2.71	0.72
🇧🇾 Belarus	2.82	0.75
🇧🇹 Bhutan	2.87	0.76
🇱🇧 Lebanon	2.88	0.76
🇮🇩 Indonesia	2.97	0.79
🇹🇳 Tunisia	2.98	0.79
🇪🇹 Ethiopia	3.00	0.79
🇳🇬 Nigeria	3.01	0.80
🇱🇷 Liberia	3.03	0.80
🇰🇬 Kyrgyzstan	3.06	0.81
🇵🇾 Paraguay	3.19	0.84
🇻🇳 Vietnam	3.23	0.85
🇦🇫 Afghanistan	3.30	0.87
🇸🇾 Syria	3.33	0.88
🇺🇸 USA	3.42	0.90
🇲🇻 Maldives	3.44	0.91
🇵🇰 Pakistan	3.49	0.92
🇧🇷 Brazil	3.49	0.92
🇵🇦 Panama	3.53	0.93
🇬🇦 Gabon	3.55	0.94
🇹🇼 Taiwan	3.58	0.95
🇵🇷 Puerto Rico	3.60	0.95
🇺🇿 Uzbekistan	3.75	0.99
🇨🇴 Colombia	3.81	1.01
🇱🇸 Lesotho	3.87	1.02
🇬🇾 Guyana	3.90	1.03
🇦🇺 Australia	3.91	1.03
🇧🇩 Bangladesh	3.91	1.03
🇲🇲 Burma	3.92	1.04
🇸🇻 El Salvador	3.92	1.04
🇬🇭 Ghana	3.92	1.04
🇨🇩 DR Congo	3.97	1.05
🇧🇼 Botswana	4.00	1.06
🇭🇳 Honduras	4.01	1.06
🇹🇬 Togo	4.06	1.07
🇬🇹 Guatemala	4.12	1.09
🇹🇿 Tanzania	4.13	1.09
🇧🇯 Benin	4.15	1.10
🇸🇿 Swaziland	4.16	1.10
🇳🇦 Namibia	4.17	1.10
🇲🇱 Mali	4.18	1.10
🇬🇪 Georgia	4.21	1.11
🇷🇼 Rwanda	4.22	1.12
🇭🇹 Haiti	4.28	1.13
🇵🇪 Peru	4.31	1.14
🇹🇹 Trinidad & Tobago	4.33	1.14
🇰🇭 Cambodia	4.33	1.14
🇬🇩 Grenada	4.34	1.15
🇦🇷 Argentina	4.34	1.15
🇨🇼 Curaçao	4.34	1.15
🇵🇭 Philippines	4.39	1.16
🇮🇳 India	4.39	1.16
🇫🇯 Fiji	4.40	1.16
🇨🇳 China	4.40	1.16
🇿🇦 South Africa	4.46	1.18
🇳🇵 Nepal	4.54	1.20
🇯🇵 Japan	4.54	1.20
🇲🇬 Madagascar	4.60	1.22
🇯🇲 Jamaica	4.62	1.22
🇩🇴 Dominican Republic	4.68	1.24
🇱🇰 Sri Lanka	4.69	1.24
🇿🇲 Zambia	4.71	1.24
🇲🇽 Mexico	4.72	1.25
🇸🇷 Suriname	4.72	1.25
🇨🇦 Canada	4.74	1.25
🇨🇻 Cape Verde	4.85	1.28
🇹🇷 Turkey	4.88	1.29
🇨🇺 Cuba	4.90	1.29
🇦🇼 Aruba	4.91	1.30
🇲🇺 Mauritius	4.93	1.30
🇧🇦 Bosnia & Herzegovina	4.96	1.31
🇲🇩 Moldova	4.98	1.32
🇰🇷 South Korea	4.99	1.32
🇨🇲 Cameroon	5.00	1.32
🇨🇷 Costa Rica	5.02	1.33
🇩🇲 Dominica	5.03	1.33
🇳🇮 Nicaragua	5.04	1.33
🇨🇱 Chile	5.04	1.33
🇲🇰 North Macedonia	5.05	1.33
🇦🇲 Armenia	5.06	1.34
🇧🇫 Burkina Faso	5.07	1.34
🇱🇨 Saint Lucia	5.08	1.34
🇲🇦 Morocco	5.09	1.35
🇹🇭 Thailand	5.10	1.35
🇲🇿 Mozambique	5.11	1.35
🇰🇪 Kenya	5.14	1.36
🇧🇬 Bulgaria	5.18	1.37
🇧🇮 Burundi	5.18	1.37
🇺🇬 Uganda	5.18	1.37
🇨🇮 Ivory Coast	5.22	1.38
🇱🇦 Laos	5.23	1.38
🇸🇱 Sierra Leone	5.25	1.39
🇬🇳 Guinea	5.26	1.39
🇲🇹 Malta	5.27	1.39
🇺🇦 Ukraine	5.32	1.41
🇸🇨 Seychelles	5.33	1.41
🇧🇸 Bahamas	5.37	1.42
🇰🇾 Cayman Islands	5.50	1.45
🇲🇼 Malawi	5.52	1.46
🇦🇩 Andorra	5.56	1.47
🇿🇼 Zimbabwe	5.60	1.48
🇲🇳 Mongolia	5.62	1.49
🇨🇾 Cyprus	5.63	1.49
🇨🇿 Czech Republic	5.75	1.52
🇲🇪 Montenegro	5.78	1.53
🇱🇹 Lithuania	5.86	1.55
🇵🇱 Poland	5.87	1.55
🇷🇴 Romania	5.89	1.56
🇸🇳 Senegal	5.91	1.56
🇯🇴 Jordan	5.92	1.56
🇸🇪 Sweden	5.95	1.57
🇸🇮 Slovenia	6.06	1.60
🇱🇺 Luxembourg	6.12	1.62
🇭🇷 Croatia	6.13	1.62
🇭🇺 Hungary	6.14	1.62
🇪🇸 Spain	6.14	1.62
🇦🇹 Austria	6.17	1.63
🇷🇸 Serbia	6.24	1.65
🇳🇿 New Zealand	6.31	1.67
🇸🇰 Slovakia	6.33	1.67
🇧🇪 Belgium	6.40	1.69
🇱🇻 Latvia	6.40	1.69
🇪🇪 Estonia	6.45	1.70
🇨🇫 Central African Republic	6.55	1.73
🇬🇧 UK	6.56	1.73
🇸🇲 San Marino	6.57	1.74
🇧🇿 Belize	6.63	1.75
🇫🇮 Finland	6.70	1.77
🇦🇱 Albania	6.83	1.80
🇺🇾 Uruguay	6.83	1.80
🇩🇪 Germany	6.87	1.82
🇾🇹 Mayotte	6.88	1.82
🇲🇨 Monaco	6.88	1.82
🇫🇷 France	6.93	1.83
🇵🇹 Portugal	6.93	1.83
🇮🇪 Ireland	7.07	1.87
🇼🇫 Wallis and Futuna	7.08	1.87
🇮🇹 Italy	7.19	1.90
🇬🇷 Greece	7.22	1.91
🇳🇴 Norway	7.24	1.91
🇧🇧 Barbados	7.28	1.92
🇨🇭 Switzerland	7.38	1.95
🇱🇮 Liechtenstein	7.45	1.97
🇳🇱 Netherlands	7.76	2.05
🇸🇬 Singapore	7.79	2.06
🇮🇱 Israel	8.01	2.12
🇩🇰 Denmark	8.04	2.12
🇮🇸 Iceland	8.44	2.23
🇭🇰 Hong Kong	12.90	3.41
🌍 World Average	4.70	1.24

Generally speaking, oil producers and refiners tend to have lower prices. This can be seen in prices in Russia, Saudi Arabia, and the United States.

One exception to this is Norway, Europe’s largest oil producer, which pays more than $7/gallon.

Factors that Affect Gas Prices Around the World

The price at the pump is determined by multiple factors.

First is the cost of crude oil, which varies based on type; lighter, sweeter crude is generally more expensive and produces more gasoline per barrel.

Next are refining costs, which depend on the complexity and technology of the refinery.

Then there’s the cost of transportation and distribution, followed by federal, state, and local taxes. Government subsidies may also affect the final price.

This last part particularly can be seen by comparing prices in Iran, Russia, and Norway. In the first two countries, gas is heavily subsidized to boost domestic demand.

On the other hand Norway places a steep tax to discourage consumption and promote the use of alternative fuels. As a result, EV adoption in Norway is close to 90%.

Finally, local prices have been converted to U.S. dollars for this comparison, and current exchange rates will have an impact on the final figure. It’s also worth remembering that in many countries the price in U.S. dollars may be low but might be very expensive compared to median incomes.

Learn More on the Voronoi App

Want a similar map but for electricity prices instead? Check out creator Rajesh Palnisamy’s, Average Cost of 1 Kilowatt-hour Electricity Around the World for a quick overview.