ARAMCO, BP, Exxon, first quarter earnings, fossil fuels, global impact of war in Ukraine, Guterres, largest energy companies, oil and gas, PetroChina, price of oil and gas, Russian fossil fuel tracker, Saudi Aramco, second quarter earnings, Shell, Sinopec, UN
The UN statement on “largest energy companies” is inaccurate and is based on one news article written by the British Guardian regarding revenues of UK and American oil companies for the first quarter of 2022. The largest, most profitable, oil and gas companies are China’s PetroChina, Sinopec, and Saudi Aramco: https://en.wikipedia.org/wiki/List_of_largest_oil_and_gas_companies_by_revenue More details, below.
PetroChina, alone, had first quarter 2022 revenues of $122.77 billion. China’s Sinopec first quarter revenues were $114 billion. Saudi ARAMCO “net income rose 82% to $39.5 billion”. In contrast, Exxon Mobil Corporation first-quarter 2022 earnings were $5.5 billion. And, Russian fossil fuel companies have made $144 billion since the beginning of the war.
The lazy UN researchers only quoted from (an) article(s) regarding the profits of US and UK oil companies: “The combined profits of the largest energy companies in the first quarter of this year are close to $100 billion. This grotesque greed of the fossil fuel industry and their financiers is punishing the poorest and most vulnerable people, while destroying our only home.” https://twitter.com/antonioguterres/status/1554997159182974979
See page 12 footnotes in “BRIEF NO.3 Global impact of war in Ukraine: Energy crisis: UN GLOBAL CRISIS RESPONSE GROUP ON FOOD, ENERGY AND FINANCE”, AUGUST 2022 Global impact of war in Ukraine: Energy Crisis – BRIEF NO.3” https://unsdg.un.org/resources/global-impact-war-ukraine-energy-crisis-brief-no3
Source of $100 billion figure and only US and some European companies: “Largest oil and gas producers made close to $100bn in first quarter of 2022: Shell made $9.1bn in profit, almost three times what it made in the same period last year, while Exxon raked in $8.8bn” https://www.theguardian.com/business/2022/may/13/oil-gas-producers-first-quarter-2022-profits
While Exxon, Shell, and BP should be shamed for remaining involved in the Russian energy sector, they are not the largest and most profitable fossil fuel companies, and it’s unfair for the media to call them out without first speaking of Saudi ARAMCO, China’s Sinopec and PetroChina, and Russia’s Gazprom-Rosneft.
“Payments to Russia for fossil fuels since 24 February 2022:
This Russia Fossil Tracker is a project led by CREA to bring light to details of energy exports from Russia and how they changed after the invasion of Ukraine…
According to our estimates, since the beginning of the war, Russia earned EUR 142 billion in revenue from fossil fuel exports. European Union countries purchased for more than EUR 79 billion….” See more here and updates: https://www.russiafossiltracker.com 142 billion Euros is 144 billion US dollars.
“PetroChina last posted its earnings data on April 29th, 2022. The oil and gas company reported $3.31 earnings per share for the quarter. The business had revenue of $122.77 billion for the quarter.”https://www.marketbeat.com/stocks/NYSE/PTR/earnings/
“Apr 29, 2022, IRVING, Texas – April 29, 2022 – Exxon Mobil Corporation today announced estimated first-quarter 2022 earnings of $5.5 billion, or $1.28 per share assuming dilution. First-quarter results included an unfavorable identified item of $3.4 billion associated with our planned exit from Russia Sakhalin-1” https://web.archive.org/web/20220622022521/https://corporate.exxonmobil.com/News/Newsroom/News-releases/2022/0429_ExxonMobil-announces-first-quarter-2022-results
Wikipedia doesn’t list PetroChina for 2021.
Top companies according to Statista below, strangely excludes Saudi ARAMCO. Saudi ARAMCO was number two in 2021, after Sinopec.
Sinopec, China $438.69 billion
PetroChina, China $424.65 billion
ExxonMobil, U.S. $ 306.87 billion.
Shell PLC, UK $ 290 billion
Total Energies, France $209.99 billion
Chevron, $176.84 billion
Statista strangely ignores Saudi ARAMCO, which appears in the wikipedia article. This list appears to be 2021 annual date, even though it says 2022. Or, it’s from first or second quarter 2021 to first or second quarter 2022.
Lengthy list found here: “Leading oil and gas companies worldwide based on revenue as of 2022” (in billion U.S. dollars) https://www.statista.com/statistics/272710/top-10-oil-and-gas-companies-worldwide-based-on-revenue/
Longer list based on multiple sources here: https://en.wikipedia.org/wiki/List_of_largest_oil_and_gas_companies_by_revenue (Can be sorted by year, country.)
Not all of the companies have second quarter earnings available yet. Here is Exxon’s:
“ExxonMobil announces second quarter 2022 results
IRVING, Texas – July 29, 2022 – Exxon Mobil Corporation today announced estimated second-quarter 2022 earnings of $17.9 billion, or $4.21 per share assuming dilution. Second-quarter results included a favorable identified item of nearly $300 million associated with the sale of the Barnett Shale Upstream assets. Capital and exploration expenditures were $4.6 billion in the second quarter and $9.5 billion for the first half of 2022. https://web.archive.org/web/20220729103940/https://corporate.exxonmobil.com/News/Newsroom/News-releases/2022/0729_ExxonMobil-announces-second-quarter-2022-results
“ExxonMobil announces first-quarter 2022 results
Apr 29, 2022 IRVING, Texas – April 29, 2022 – Exxon Mobil Corporation today announced estimated first-quarter 2022 earnings of $5.5 billion, or $1.28 per share assuming dilution. First-quarter results included an unfavorable identified item of $3.4 billion associated with our planned exit from Russia Sakhalin-1, or $0.79 per share assuming dilution. First-quarter capital and exploration expenditures “https://corporate.exxonmobil.com › News › Newsroom › News-releases › 2022 › 0429_ExxonMobil-announces-first-quarter-2022-results
Saudi ARAMCO “said net income rose 82% to $39.5 billion in the first three months of the year, up from $21.7 billion over the same period last year.” https://www.cnbc.com/2022/05/15/aramco-worlds-largest-company-reports-record-first-quarter-as-oil-prices-soar.html
“Largest oil and gas producers made close to $100bn in first quarter of 2022
Shell made $9.1bn in profit, almost three times what it made in the same period last year, while Exxon raked in $8.8bn” https://www.theguardian.com/business/2022/may/13/oil-gas-producers-first-quarter-2022-profits
Sinopec’s operating income for the first quarter was RMB 771.386 billion ($114 billion).
$ 3.45 billion net profits attributable to shareholders first quarter by Sinopec. Shell quarterly profit of $9.1 billion (£7.3bn) for the first quarter. Shell $5.4 billion to shareholders in the first quarter and to spend $4.5 billion buying back its own shares.
“Sinopec Achieved Good Performance in 2022 Q1 Net Profit Reached RMB 23.3 Billion, Up by 24.3% yoy Wednesday“, April 27, 2022 6:45 AM
BEIJING, CHINA / ACCESSWIRE / April 27, 2022 / China Petroleum & Chemical Corporation (“Sinopec Corp.” or the “Company”) (HKEX:386)(SSE:600028)(NYSE:SNP) today announced its unaudited first quarterly results for the three months ended 31 March 2022.
* In accordance with the IFRS, the Company’s operating income for the first quarter was RMB 771.386 billion, up by 33.8% year on year; the net profit attributable to shareholders of the Company was RMB 23.338 billion, up by 24.3% year on year; the basic earnings per share were RMB 0.193.
* In accordance with the CASs, the net profit attributable to equity shareholders of the Company for the first quarter was RMB 22.605 billion, up by 24.5% year on year; the basic earnings per share were RMB 0.187.
* In the first quarter, all key production and operation indicators achieved growth, including processing volume of crude oil of 64.19 million tons, refined oil output of 37.36 million tons, ethylene output of 3.606 million tons, with the total operating volume of chemical products reaching 20.64 million tons, up by 4.0% year-on-year”.
“Shell has reported a record quarterly profit of $9.1bn (£7.3bn) for the first three months of the year, piling more pressure on the government to implement a windfall tax to fund measures to tackle soaring household energy bills…
Shell returned $5.4bn to shareholders in the quarter and plans to spend $4.5bn buying its own shares in the coming months…” https://www.theguardian.com/business/2022/may/05/shell-profits-windfall-tax
As far as helping the vulnerable in the so-called developing countries, Saudi, China, and Russia should give to a UN fund and help their own people. Because of low interest rates, most European and North American retirees are invested in stocks, either directly or indirectly. Additionally, it’s European and North Americans who need the most energy for heating. Small property owners who are dependent upon oil or gas revenue also get a boost from higher prices. The so-called developing countries have been independent for around 60 years. It’s only corrupt leaders that have held them back, along with some feuding. They have smart, well-educated people, natural resources, and a good climate.
“BRIEF NO.3 Global impact of war in Ukraine: Energy crisis: UN GLOBAL CRISIS RESPONSE GROUP ON FOOD, ENERGY AND FINANCE, AUGUST 2022 Global impact of war in Ukraine: Energy Crisis – BRIEF NO.3” https://unsdg.un.org/resources/global-impact-war-ukraine-energy-crisis-brief-no3
Putin’s not using the mineral wealth of Russia to improve the quality of life in Russia, either, but for his own power; greed; imperial ambitions-war. What good does it do to have state owned companies, if the wealth is not shared with the population? Putin’s done little to nothing for the Russian people, even though the population is comparatively small. Furthermore, Russia’s oil and gas sector is majority state owned and controlled but is mixed state and private. Much of BP, Shell and Exxon profits came from the private part of Rosneft and Gazprom.
Even Russia’s RT News admits: “One-fifth of Russian city apartments have no hot water, one-tenth no plumbing or heating” Published: 14 February, 2013, 23:46 Tens of millions of Russians living in urban areas are struggling with a lack of basic utilities – 1 in 5 city dwellings have no hot water, and 1 in 10 no indoor sanitation. More than 70 percent of the country’s utilities network is worn out…” https://web.archive.org/web/20130219024202/https://www.rt.com/news/russia-city-utilities-hot-water-indoor-plumbing-251/
The US worked to give rural Americans lights (electrification) from the 1930s and promoted rural cooperatives for electricity and water.