Home | Fossil Energy | ExxonMobil and Chevron make over $57 billion in profits in 2023, fueled by new acquisitions and portfolio growth
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February 2, 2024, by Melisa Cavcic
U.S. oil and gas giants ExxonMobil and Chevron have achieved massive profits in the past year, with $36 billion and $21.37 billion, respectively. Despite being significantly lower than the all-time high profits of $55.7 billion and $35.5 billion in 2022, the drop from $91.2 billion in 2022 to $57.37 billion in 2023 was influenced by the global downturn in oil and gas prices. The extensive acquisition activity by the two companies in 2023 signals their plans to increase production to meet the future rise in energy demand.
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