U.S. oil giants Exxon Mobil and Chevron have reported their second-biggest annual profits haul in a decade.
The US oil giants reported combined earnings of £45billion for 2023.
Profits fell compared to the record highs achieved in 2022 as oil and gas prices dropped from the peak that followed Russia’s invasion of Ukraine.
US oil majors have also been criticised by green activists for increasing oil and gas production.
Chevron reported total earnings of £16.8billion for 2023 – 39 per cent less than the £27.8billion record set the previous year.
Strong performance: Oil giants Exxon Mobil and Chevron reported combined earnings of £45billion for 2023
But it was the energy firm’s second-highest profit since 2013.
And Exxon’s profits were down 35 per cent from £43.7billion to £28.2billion in 2023.
Otherwise, however, it was its strongest performance since 2012.
Chevron handed shareholders £20.4billion in 2023 – 18 per cent higher than the previous record set in 2022, while Exxon distributed £25.5billion to investors.
Both hiked domestic oil production in the US last year and announced megadeals to acquire rival firms.