This winter, Big Oil companies are announcing their 2022 profits, and records are being shattered.
Big Oil is raking in outrageous sums during a climate crisis, capitalizing on rising prices, while life gets harder for the rest of us. Of every dollar of inflation over the last two years in Canada, 25 cents of that has gone to oil and gas and mining extraction profits.
How big are the 2022 profits? Let’s take a look, with a focus on the Canadian industry.
International giant Exxon Mobil reported $56 billion (USD) in profit for 2022, “setting not only a company record but a historic high for the Western oil industry.”
A decent chunk of that profit came from the $7.3 billion (CAD) in profit of Imperial Oil, which is essentially the Canadian branch of Exxon. Imperial’s core operations are in the oil sands.
Shell also posted obscene profits of $39.9 billion (USD). In addition to operations around the world, in Canada, operating as Shell Canada, the company is behind the massive LNG Canada facility in Kitimat, B.C., which would be supplied with fracked gas through the Coastal GasLink pipeline. This project and other LNG proposals, if completed, would be terrible news for the climate.
American multinational Chevron posted $36.5 billion (USD) in profits. In Canada, Chevron is invested in oil rigs offshore of Newfoundland, and in operations in northern Alberta.
We’ll be adding to this blog as announcements come in until early March. A few coming up include:
- Suncor: February 14
- Cenovus: February 16
- CNRL: March 2
- Tourmaline: March 7
We expect these companies to also break their own profit records and, unfortunately, funnel the money to shareholders. At the same time, Canada’s oil and gas industry is the largest source of greenhouse gas emissions, and are not doing much to reduce these emissions. Unless the federal government puts a cap on oil and gas emissions, Big Oil will continue to pollute and reap massive profits.
Take action and tell the Canadian government to put a cap on oil and gas emissions.
The post Big Oil Is Posting Colossal 2022 Profits appeared first on Environmental Defence.
This post was originally published on Environmental Defence.