Who and how much earned on the energy crisis in 2022

Against the background of the energy crisis in the West, the total income of the top 40 largest fuel and energy corporations in the US, Canada and Europe in 2022 will exceed $3.6 trillion, while in 2021 it was $2.4 trillion. That is, the growth will be 48%, Vedomosti calculated according to Tradingview.com and company reports. The net profit of energy corporations this year will almost double: from $174 billion to $336 billion, or $162 billion. In particular, the American ExxonMobil and Chevron add $29 billion and $19 billion, and the British Shell – $23 billion.

“Sky-high fuel prices bring windfall to suppliers: global oil and gas producers’ net profits will double in 2022 to an unprecedented $4 trillion,” the International Energy Agency said in a November report.

The downside was rising fuel and electricity prices, for which European households have to pay 39% more than a year earlier. The European authorities have to impose additional taxes on the excess profits of energy corporations in order to reduce the degree of discontent among the population. The authorities of Great Britain and the EU plan to collect at least $180 billion in additional taxes on excess profits, but this amount is unlikely to significantly mitigate the effect of the energy crisis. Much more “surplus” will go to dividends, share buybacks, investments in production and ESG.

Vedomosti compiled a rating of the largest fuel and energy corporations in the West (USA, Canada and Europe). It includes the top 40 companies whose shares are traded on the market and whose revenue in 2021 exceeded $10 billion.

These companies have already reported for the nine months of 2022. Their combined revenue exceeded $2.64 trillion, which is $1 trillion, or 61%, more than in the same period in 2021. Net profit for the nine months of 2022 was $268 billion, which is $167 billion (or 2.6 times) more than in the same period of the previous year.

At the same time, companies provide a forecast for revenue and profit for the fourth quarter of 2022, based on which you can evaluate the data for the whole year. In 2022, the total revenue of the top 40 energy corporations will exceed $3.6 trillion, an increase of $1.2 trillion, or 48%. Since the forecast for the fourth quarter is conservative, this estimate is rather underestimated.