Due to the decline in oil prices, the net profits of the five major international oil companies have all declined in 2023.
On February 7th, Total Energy announced that its adjusted net profit for 2023 was 23.2 billion yuan, a year-on-year decrease of 36%.
Last year, BP's basic reset cost profit was $13.836 billion, a year-on-year decrease of about 50%; ExxonMobil's profit was $36 billion, a year-on-year decrease of 35.4%; Shell Group's adjusted profit was 28.25 billion US dollars, a year-on-year decrease of 29%; Chevron's net profit attributable to ordinary shareholders was $21.4 billion, a year-on-year decrease of 40%.
Based on this calculation, the adjusted profits of the five major oil companies last year were approximately $122.7 billion, a decrease of $72.2 billion or approximately 37% compared to the previous year.
This is related to the decline in international oil prices. According to monitoring data from the China Petroleum and Chemical Industry Federation, the average spot price of Brent crude oil was 82.6 US dollars per barrel last year, a year-on-year decrease of 18.3%.
In 2022, under the influence of the Russia-Ukraine conflict and other factors, international oil prices will rise sharply. The total net profits of the five oil giants will be about US $19.9 billion, and the profits of each oil company will increase by more than 100%.
Total Energy stated that according to international financial reporting standards, its net profit for the 2023 fiscal year was $21.4 billion, a year-on-year increase of 4%, once again achieving a return on equity of up to 20% and an average return on capital of up to 19%, with a net debt to equity ratio of 5%.
Last year, driven by a 9% increase in liquefied natural gas production, Total Energy's total oil and gas production increased by 2% year-on-year. The exploration and production department generated an adjusted net operating profit of $10.9 billion and cash flow of $19.1 billion.
During the financial reporting period, Total Energy's comprehensive liquefied natural gas business had an annual adjusted net operating profit of $6.2 billion and cash flow of $7.3 billion; The total cash flow of comprehensive power business is 2.2 billion US dollars, more than twice the previous year; The adjusted net operating profit of downstream refining business was 6.1 billion US dollars, and cash flow was 8.2 billion US dollars.
BP repurchased $7.9 billion in stocks last year, and its net debt fell to its lowest level in the past decade. BP has committed to investing $3.5 billion in the first half of 2024 and repurchasing at least $14 billion in stocks by 2025.
BP expects its annual capital expenditure to be approximately $16 billion from 2024 to 2025, in line with its medium-term target of $14-18 billion.
In terms of elastic hydrocarbons, BP expects a daily net production increase of approximately 15000 barrels of petroleum equivalent by 2025.
BP plans to accelerate the construction of electric vehicle charging infrastructure in Spain and Portugal, with a planned investment of up to 1 billion euros (approximately 1.077 billion US dollars). It plans to install 5000 electric vehicle fast charging points by 2025 and around 11700 by 2030.
Last year, ExxonMobil strengthened cost control. The company stated that compared to 2019, it achieved a cumulative structural cost savings of $9.7 billion in 2023, exceeding its planned $9 billion and an additional $2.3 billion in savings during the year. The company plans to save a total of $15 billion by the end of 2027.
ExxonMobil has also entered the lithium mining industry while increasing its acquisition and extraction of oil and gas resources.
Last October, ExxonMobil announced its acquisition of shale oil and gas company Pioneer Natural Resources for $59.5 billion. This transaction is ExxonMobil's largest since the late 1990s and is expected to be completed in the first half of this year.
ExxonMobil stated that once the transaction is completed, its production in the Permian Basin will more than double, reaching 1.3 million barrels per day.
In the fourth quarter of last year, ExxonMobil's capital and exploration expenses amounted to $7.8 billion, bringing the total expenditure for 2023 to $26.3 billion, slightly higher than the upper limit of the guidance range. ExxonMobil stated that this is because the company has accelerated its activities in advantageous Permian and Guyana assets, and entered a new lithium business.
Last November, ExxonMobil announced that it would mine lithium in Arkansas, USA, with plans to start producing battery grade lithium before 2027. It is expected to provide sufficient lithium for over one million electric vehicles annually by 2030 and will research expanding its lithium business globally.
Shell Group laid off employees last year. On February 1st, Shell CEO Wael Sawan stated in a fourth quarter earnings conference call that the company has cut some business unit positions with the aim of further reducing costs.
Since the middle of last year, Shell's IT contractors have decreased by 35%, equivalent to 3000 people. Shell announced a significant reduction in its chemical business team, resulting in a reduction of approximately 25% in the number of employees in the department; Shell has also announced that it will lay off at least 15% of its low-carbon solutions business unit employees in 2024.
Last year, Chevron returned $26 billion in cash to shareholders, setting a new historical record.
Chevron expects its oil and gas production to decrease by 2% to 4% in the first half of this year, but plans to reach approximately 900000 barrels per day by the end of the year, with production expected to reach 1 million barrels of oil equivalent per day by 2025.
Chevron also stated that the company will integrate PDC Energy and focus on Hess trading.
Last August, Chevron completed its acquisition of shale oil developer PDC Energy. The assets acquired this time are adjacent to Chevron's existing business and will increase proven reserves by over 1 billion barrels of oil equivalent.
Last October, Chevron announced that it would acquire Hess for $53 billion. After the acquisition is completed, Chevron will acquire 30% ownership of over 11 billion barrels of oil equivalent in Guyana.
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