History-making profits. World-ending emissions.

BP

$13.8b

Total Energies

$23.1b

Chevron

$24.7b

Shell

$28.2b

Exxon Mobil

$30.5b

2023 profits of the Big 5 oil majors

Companies causing the climate crisis must pay for the loss and damage they’ve created. In 2023 profits for the five oil majors earned them more than

$120billion1

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 Q1 2024

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ExxonMobil

$62729

Shell

$59020

Total Energies

$39009

Chevron

$41331

BP

$20780

In 2023 the global oil and gas industry earned record income of more than $2.6 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.

$2.6trillion Global oil and gas industry income in 2023
$40billion Estimated cost of Pakistan floods

Net income of the global oil and gas industry reached a high of $2.6 trillion in 20233

Net income of the oil and gas industry, 2008-2022

Net income of the oil and gas industry, 2008-2022

Billion USD (2022)

National oil companies
International Oil Companies

Billion USD (2022)

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 2201.1
Brazil 1310.5
Indonesia 1240.8
Japan 1182.8
Iran 952.0
Mexico 819.9
Saudi Arabia 810.5
Germany 784.0
Canada 756.8
International Shipping 750.7

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

$26489853

2023
2022
2021

2023

$26,489,853

2022

$23,573,925

2021

$22,610,285

Bernard Looney/Murray Auchincloss

Former CEO, BP

Annual salary and bonuses

$9209000

2022
2022
2021

2022

$9,209,000

2022

$12,431,973

2021

$5,972,380

Patrick Pouyanné

CEO, Total Energies

Annual salary and bonuses

$8436527

2023
2022
2021

2023

$8,436,527

2022

$7,331,079

2021

$5,944,129

Wael Sawan

CEO, Shell

Annual salary and bonuses

$7940000

2023
2022
2021

2023

$7,940,000

2022

$11,995,000

2021

$8,728,000

“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. Net income is calculated from oil and gas production at prevailing oil and gas prices (including subsidies) after operating costs but before taxes; “private companies” here includes listed and non-listed companies. (Source: IEA)

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

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

  6. 2022 Domestic GHG emissions only (Source: EDGAR Community GHG Database)

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