Big Oil's Profits Down Sharply Compared to Historic 2022

February 8, 2024--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Full-year 2023 earnings plunged from year-earlier historic levels at four large integrated supermajor oil companies--Exxon Mobil Corporation (NYSE:XOM) (Spring, Texas), Chevron Corporation (NYSE:CVX) (San Ramon, California), Shell plc (NYSE:SHEL) (London, England) and BP (NYSE:BP) (London)--as one-time charges, lower commodity prices and reduced margins offset the effects of rising production and organizational cost-cutting.