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History-making profits. World-ending emissions.

BP

$28b

Total Energies

$36.2b

Chevron

$37b

Shell

$40b

Exxon Mobil

$59b

2022 profits of the five oil majors

Companies causing the climate crisis must pay for the consequences. In 2022 profits for the five oil majors soared to nearly

$200billion1

In the same year, global CO2 emissions from fossil fuels hit a record high. Instead of investing profits in the transition to clean energy, oil majors continue their destructive investment in fossil fuels.

It’s estimated, due to the cost of climate damages caused by their emissions, the five oil majors are in debt to the global south by over

$8trillion

Polluters must pay for the loss and damage they’re inflicting upon communities.

The creation of a global climate damages fund is the fairest way to put climate justice into practice. Leaders must hold the oil and gas industry accountable and ensure fossil fuel companies that have contributed to causing the climate crisis pay for the consequences.

“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

Profit per minute

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ExxonMobil

$88194

Shell

$74429

Chevron

$50725

Total Energies

$50471

BP

$38295

In 2022 the five oil majors made record profits of more than $200 billion, while they invested just $14.2 billion in clean energy. Meanwhile, the global energy crisis has pushed millions into poverty, and climate-related disasters are devastating the world’s poorest communities.

$200 billion profit
$14.2 billion clean energy investment

Distribution of cash spending by the oil and gas industry, 2008-2022

Oil and gas capital expenditure
Dividends plus buybacks minus issuances
Net debt repaid
Low-carbon capital expenditure

Global CO2 emissions from fossil fuels hit a record high in 2022. If emissions remain at these levels, the remaining global carbon budget keeping warming below 1.5°C will be gone in nine years. 2

Annual emissions of the five oil majors compared to countries 3, 4

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Figures shown in million tonnes CO2e in 2022

Five Oil Majors 3177
South Korea 709
Turkey 627.1
Pakistan 556.2
South Africa 551.4
Australia 541.1
Vietnam 480.6
Thailand 446.9
Nigeria 420.7
France 420.5
UK 420.1
Fiji 1.7

After the war in Ukraine ignited a surge in global oil and gas prices, oil major CEOs received historic annual bonuses – some jumping as much as 50% year on year 5

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Darren Woods

CEO, ExxonMobil

Annual salary and bonuses

$35909231

2022
2021
2020

2022

$35,909,231

2021

$23,572,488

2020

$15,639,061

Mike Wirth

CEO, Chevron

Annual salary and bonuses

$23573925

2022
2021
2020

2022

$23,573,925

2021

$22,610,285

2020

$29,017,031

Bernard Looney

CEO, BP

Annual salary and bonuses

$12431970

2022
2021
2020

2022

$12,431,970

2021

$5,972,380

2020

$2,564,950

Ben van Buerden

CEO, Shell

Annual salary and bonuses

$11995000

2022
2021
2020

2022

$11,995,000

2021

$8,728,000

2020

$6,671,000

Patrick Pouyanné

CEO, Total Energies

Annual salary and bonuses

$7990876

2022
2021
2020

2022

$7,990,876

2021

$6,716,866

2020

$4,741,098

Over the last decade, the CEOs of Chevron & Exxon have been paid

$500000000
Sources

  1. Adjusted earnings (Source: company reporting)

  2. Global carbon budgets: (Source: https://www.carbonbrief.org/analysis-global-co2-emissions-from-fossil-fuels-hit-record-high-in-2022/)

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

  4. National emissions: Domestic GHG emissions only, 2021 (Source: EDGAR Community GHG Database)

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