(offshore-energie.biz) Oil, gas and liquefied natural gas (LNG) remain the crown jewels of global energy demand and make up the global energy show. The major oil companies of Europe and the US – the British duo Shell and BP, France’s TotalEnergies and Italy’s Eni, and the US trio ExxonMobil, Chevron and ConocoPhillips – together posted a staggering profit of $31.65 billion in the second quarter of 2024. BP, Shell, Eni, ExxonMobil and Conoco Phillips are among the lucky ones to have beaten analysts’ expectations. TotalEnergies and Chevron, however, came up short as their financial performance fell short of forecasts.
Key findings:
- Four European and three US oil and gas giants will generate combined profits of $31.65 billion in the second quarter of 2024
- Some oil companies are backtracking on green and renewable energy agreements
- European oil companies share profit pie of 13.8 billion dollars
- Shell’s adjusted profit reaches $6.3 billion
- BP’s profit is $2.8 billion
- Shell and BP have come under criticism for scaling back their transformation efforts and appearing to hinder the industry’s energy transition as a whole.
- TotalEnergies posts net profit of $3.8 billion
- Eni achieves an adjusted net profit of 1.52 billion euros or 1.65 billion dollars
- US oil companies share $16.2 billion in profits
- ExxonMobil makes $9.2 billion profit
- Chevron posted a net profit of $4.4 billion
- ConocoPhillips posts profit of $2.3 billion
With the fossil fuel era still ongoing, the power of oil companies is unlikely to diminish anytime soon, especially given the expected population growth that further emphasizes the need for cooperation between different sectors and regions in the context of the evolving energy security discussion and a highly complex and integrated new energy paradigm. Investments by governments around the world in energy infrastructure are putting the transition to low-carbon, electrified, digitized and decentralized energy systems in the spotlight.
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