As oil prices skyrocketed, companies such as ExxonMobil, Royal Dutch Shell, Chevron, TotalEnergies and BP more than doubled their profits in 2022 from the year-earlier period. That result spurred a backlash, though, with President Joe Biden calling the profits “a windfall of Russia’s invasion of Ukraine.” He also criticized Big Oil for investing too little in domestic production. But industry officials countered, saying they found Biden’s message to be a paradox. On the one hand he was advocating for a move toward a society of lower carbon emissions while on the other hand he wanted oil companies to increase production.
Chapters:
00:49 — Chapter 1: A volatile year
02:23 — Chapter 2: Record breaking profits
03:00 — Chapter 3: Backlash and what that means
05:06 — Chapter 4: The industry
08:16 — Chapter 5: Future
Produced by: Robert Ferris
Editor: Nic Golden Henry
Senior Managing Producer: Tala Hadavi
Graphics: Alex Wood
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
About CNBC: From ‘Wall Street’ to ‘Main Street’ to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news: https://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
#CNBC
How Big Oil More Than Doubled Their Profits In 2022
