The surge in oil and gas prices will translate into record-high 2022 earnings for the two U.S. supermajors, Exxon and Chevron, with their combined yearly profits hitting nearly $100 billion, analysts say.
Chevron is “on track to beat” in 2022 its free cash flow record from 2021, chief financial officer Pierre Breberlast month its 2023 organic capex would be $14 billion for 2023, consistent with its “long-term plans to safely deliver higher returns and lower carbon,” according to chairman and CEO Mike Wirth.
“We view our success as an ‘and’ equation, one in which we can produce the energy and products society needs – and – be a leader in reducing greenhouse gas emissions from our own operations and also those from other companies,” said chairman and CEO Darren Woods. Even if they raise investments in clean energy solutions, both supermajors say that they would continue to deliver oil and gas as the world will still run on fossil fuels for years, and decades, to come.
If oil firms don’t invest in increasing production and refining capacity, “they’re going to pay a higher tax on their excess profits and face other restrictions,” President Biden said in October. in recent weeks, the rhetoric of blaming the oil industry has subsided at the expense of the Administration taking credit for the falling prices at the pump.
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