US oil giants Exxon and Chevron are poised to reap $100 billion total profit bonanza from Russia's war on Ukraine

Jan 3 2023 by Business Insider

 
Exxon and Chevron are expected to earn a combined total of $100 billion in profits from 2022.

FREDERIC J. BROWN / Contributor / Getty Images

ExxonMobil and Chevron are both set for record profits in 2022, of $56 billion and $37 billion respectively, per the FT. The US energy giants are benefiting from the surge in global oil prices after Russia invaded Ukraine, it said. It's a reversal of fortunes after the pandemic-era price crash and seen as a vindication for resisting climate calls.

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