Oil giants’ profits decline 16% in 2024

Anadolu, Philippine News Agency

Among the global oil majors reporting declines were US-based ExxonMobil and Chevron, the UK’s bp, France’s TotalEnergies, Italy’s Eni, Norway’s Equinor, Dutch-based Shell, and Saudi Aramco, the kingdom’s state-owned oil giant. (Pixabay Photo)

ANKARA – The combined profits of eight of the world’s largest oil companies fell 16 percent in 2024 compared to the previous year, bringing total earnings down to USD217.65 billion.

Among the global oil majors reporting declines were US-based ExxonMobil and Chevron, the UK’s bp, France’s TotalEnergies, Italy’s Eni, Norway’s Equinor, Dutch-based Shell, and Saudi Aramco, the kingdom’s state-owned oil giant.

Saudi Aramco posted a 12.4 percent drop in annual earnings, reporting a profit of USD106.20 billion, while ExxonMobil recorded a 6.5 percent decline, bringing its full-year profit to USD33.68 billion.

Shell’s profits fell 16 percent to USD23.72 billion, while Chevron posted a steeper 17.4 percent drop to USD17.66 billion. TotalEnergies saw an even larger decline of 26.3 percent, reporting USD15.76 billion in profit.

bp recorded a sharp drop with earnings plunging 35.6 percent to USD8.91 billion. Equinor’s profit fell 25.8 percent to USD8.83 billion, while Eni reported the most significant decline, with a 44.5 percent slump to USD2.89 billion.

Meanwhile, Russia’s Rosneft has yet to disclose full-year profit results. The company’s revenue for the January-September period of 2024 fell 13.8 percent to USD8.72 billion, down from USD10.12 billion in the same period of 2023.

In total, the companies’ combined net profits dropped from approximately USD259.2 billion in 2023 to USD217.65 billion last year. (Anadolu)