Major oil companies' quarterly net profits 2021-2023, by company
All major oil companies reported an increase in net profits in the third quarter of 2023. United Kingdom-based BP reported the largest quarterly gain. However, state-owned Saudi Aramco had by far the highest earnings that quarter, at over 32 billion U.S. dollars.
Oil companies' net profits are often tied to overall economic and geopolitical events, which have used influences on oil prices and may make or break a company's financial performance. For example, a significant rise in oil and gas prices in 2022 helped oil companies like Saudi Aramco and ExxonMobil cash in significant income despite production output staying relatively stable. Saudi Aramco made nearly 50 billion U.S. dollars in net income in the second quarter of 2022, compared with 17.9 billion U.S. dollars for ExxonMobil. BP's net loss of more than 20 billion U.S. dollars reported in the first quarter of 2022 is due to the company's divestment of stakes in Russia's Rosneft oil company.
Oil companies' net profits are often tied to overall economic and geopolitical events, which have used influences on oil prices and may make or break a company's financial performance. For example, a significant rise in oil and gas prices in 2022 helped oil companies like Saudi Aramco and ExxonMobil cash in significant income despite production output staying relatively stable. Saudi Aramco made nearly 50 billion U.S. dollars in net income in the second quarter of 2022, compared with 17.9 billion U.S. dollars for ExxonMobil. BP's net loss of more than 20 billion U.S. dollars reported in the first quarter of 2022 is due to the company's divestment of stakes in Russia's Rosneft oil company.
