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Economy

Oil Companies Rake In Record Profits Under Biden

Exxon Mobil, Chevron, BP, Shell Make Record Profits

View Source | January 27, 2023 12:18 pm

  • Oil majors Exxon Mobil, Chevron, BP, Shell and TotalEnergies are slated to report a combined profit of $190 billion for 2022, according to estimates from analysts at Refinitiv.
  • U.S. President Joe Biden has previously accused oil companies of reaping a “windfall of war,” while simultaneously refusing to help lower prices at the pump for American consumers.
  • “I have called 2022 the year the empire struck back,” Mark van Baal, founder of Dutch shareholder activist Follow This, told CNBC via telephone.
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