Posted on

Oil Giants, After Surge in Profits, Are Wary About Spending


Exxon Mobil made $56 billion in profit last year, its largest annual haul ever. Chevron earned $36 billion, also a company record. But after a bountiful 2022, the outlook for those companies and other big oil and gas producers is cloudy.They benefited for much of last year from higher prices for nearly all fuels as the continued recovery from the pandemic slowdown increased demand and the Russian invasion of Ukraine strained supplies. The landscape already looks different.Exxon’s fourth-quarter profit of $12.75 billion, while strong, was down sharply from the $19.7 billion it earned in the third quarter. Oil prices have settled to a level more than a third lower …

Read More