History-making profits. World-ending emissions.

BP

$8.9b

Total Energies

$18.2b

Chevron

$18.2b

Shell

$23.7b

Exxon Mobil

$33.4b

2024 profits of the Big 5 oil majors

Companies causing the climate crisis must pay for the loss and damage they’ve created. In 2024, profits for the five oil majors earned them more than

$102billion1

Download the data for the latest financial quarter.

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In the same year, climate disasters increased in frequency and intensity, culminating in the hottest year in recorded history. Instead of investing profits in the transition to clean energy, oil majors continue their destructive investment in fossil fuels.

It’s estimated, due to climate damages caused by oil majors’ emissions, annual loss and damage by 2030 will cost

$300billion2

The creation of a global climate damages fund is the fairest way to make polluters pay.

Profit per minute — Q4 2024

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ExxonMobil

$55812

Total Energies

$33258

Shell

$27634

Chevron

$27415

BP

$8824

In 2023, the global oil and gas industry earned record income of more than $2.7 trillion, while they invested just 4% of capital expenditure on clean energy.

Meanwhile, climate-related disasters are devastating the world’s poorest communities. 2021’s devastating floods in Pakistan are estimated to have cost the country $40 billion.

$2.7trillion Global oil and gas industry income in 2023
$40billion Estimated cost of Pakistan floods

Global CO2 emissions from fossil fuels hit a record high in 2022. If emissions stay at these levels, the remaining global carbon budget keeping warming below 1.5OC will be gone in eight years.4

Annual emissions of Big 5 oil majors compared to countries5, 6

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Figures shown in million tonnes CO2e in 2023

Big 5 Oil Majors 2213.1
Brazil 1300.2
Indonesia 1200.2
Japan 1041.0
Iran 996.8
Saudi Arabia 805.2
Canada 747.7
International Shipping 746.9
Mexico 712.1
Germany 681.8

In 2023, oil major CEOs received enormous annual bonuses. Over the last decade, the CEOs of Chevron & Exxon have been paid half a billion dollars.7

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Darren Woods

CEO, ExxonMobil

Annual salary and bonuses

$36919898

2023
2022
2021

2023

$36,919,898

2022

$35,909,231

2021

$23,572,488

Mike Wirth

CEO, Chevron

Annual salary and bonuses

$26489856

2023
2022
2021

2023

$26,489,856

2022

$23,573,925

2021

$22,610,288

Bernard Looney/Murray Auchincloss

Former CEO, BP

Annual salary and bonuses

$11806410

2023
2022
2021

2023

$11,806,410

2022

$12,431,970

2021

$5,972,380

Wael Sawan

CEO, Shell

Annual salary and bonuses

$9873000

2023
2022
2021

2023

$9,873,000

2022

$11,995,000

2021

$8,728,000

Patrick Pouyanné

CEO, Total Energies

Annual salary and bonuses

$9027084

2023
2022
2021

2023

$9,027,084

2022

$7,990,876

2021

$6,716,866

“With climate change leading to more frequent and intense heat, summers are different than they were before and so we should expect and be prepared for the hot weather that is coming.”

NY Mayor Eric Adams, June 2024

“One way or another there needs to be government intervention that somehow results in protecting the poorest. That probably may then mean that governments need to tax people in this room [energy companies] to pay for it.”

Ben van Beurden, Former Shell CEO
4 October 2022

“I am of a firm view that the world will need oil and gas for a long time to come. As such, cutting oil and gas production is not healthy.”

Wael Sawan, CEO of Shell

“The G20 emits 80 percent of all greenhouse gas emissions. But the poorest and most vulnerable – those who contributed least to this crisis – are bearing its most brutal impacts. Meanwhile, the fossil fuel industry is feasting on hundreds of billions of dollars in subsidies and windfall profits while household budgets shrink and our planet burns.”

UN Secretary-General António Guterres

“It is about time that these companies are made to pay a global COP carbon tax on these profits as a source of funding for loss and damage. While they are profiting, the planet is burning.”

Gaston Browne, Prime Minister of Antigua and Barbuda, 8 November 2022

The numbers don’t lie.

Sources
  1. Adjusted earnings (Source: company reporting)

  2. Based on UN IHLEG estimated annual costs of climate change by 2030.

  3. Distribution of cash spending by the oil and gas industry, 2008-2022 (Source: IEA)

  4. Global carbon budgets (Source: Global CO2 emissions from fossil fuels hit record high in 2022, Carbon Brief)

  5. Company emissions: Scopes 1 & 2 – operational control, Scope 3 – category 11, upstream production only, 2021 (Source: company reporting)

  6. 2023 Domestic GHG emissions only (Source: EDGAR Community GHG Database)

  7. Total compensation = salary + annual bonus + long term incentives (Source: company reporting)