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Global Oil Giants Witness Profit Declines in 2024
(MENAFN) In 2024, the combined profits of eight of the largest oil companies worldwide dropped by 16 percent compared to the previous year, totaling USD217.65 billion in earnings.
This decline affected major players in the industry, including US-based ExxonMobil and Chevron, the UK’s bp, France’s TotalEnergies, Italy’s Eni, Norway’s Equinor, Dutch-based Shell, and Saudi Arabia’s state-owned oil titan, Saudi Aramco.
Saudi Aramco experienced a 12.4 percent decrease in annual earnings, with a reported profit of USD106.20 billion. ExxonMobil’s profits also fell by 6.5 percent, bringing its total earnings for the year to USD33.68 billion.
Shell saw its profits decline by 16 percent, amounting to USD23.72 billion, whereas Chevron faced an even steeper drop of 17.4 percent, posting a profit of USD17.66 billion. TotalEnergies suffered a larger fall of 26.3 percent, reporting a profit of USD15.76 billion.
bp faced a significant downturn, with its profits plummeting by 35.6 percent, bringing the total to USD8.91 billion. Equinor’s earnings dropped by 25.8 percent, ending at USD8.83 billion, and Eni saw the steepest decrease, with a 44.5 percent reduction in profits to USD2.89 billion.
On the other hand, Russia’s Rosneft has not yet revealed its full-year profit figures. However, the company’s revenue for the January-September period of 2024 decreased by 13.8 percent, falling to USD8.72 billion from USD10.12 billion during the same period in 2023.
This decline affected major players in the industry, including US-based ExxonMobil and Chevron, the UK’s bp, France’s TotalEnergies, Italy’s Eni, Norway’s Equinor, Dutch-based Shell, and Saudi Arabia’s state-owned oil titan, Saudi Aramco.
Saudi Aramco experienced a 12.4 percent decrease in annual earnings, with a reported profit of USD106.20 billion. ExxonMobil’s profits also fell by 6.5 percent, bringing its total earnings for the year to USD33.68 billion.
Shell saw its profits decline by 16 percent, amounting to USD23.72 billion, whereas Chevron faced an even steeper drop of 17.4 percent, posting a profit of USD17.66 billion. TotalEnergies suffered a larger fall of 26.3 percent, reporting a profit of USD15.76 billion.
bp faced a significant downturn, with its profits plummeting by 35.6 percent, bringing the total to USD8.91 billion. Equinor’s earnings dropped by 25.8 percent, ending at USD8.83 billion, and Eni saw the steepest decrease, with a 44.5 percent reduction in profits to USD2.89 billion.
On the other hand, Russia’s Rosneft has not yet revealed its full-year profit figures. However, the company’s revenue for the January-September period of 2024 decreased by 13.8 percent, falling to USD8.72 billion from USD10.12 billion during the same period in 2023.
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