The US oil and gas company ExxonMobil has released its 2023 results, posting full-year earnings of US$36bn, a 35% decrease compared to 2022 (US$55.7bn) due to asset impairments and lower industry refining margins. The company spent US$26.3bn in 2023 on investments (+16%). ExxonMobil produced 3,738 kboe/d of oil and gas in 2023 (stable compared to 2022), including 2,449 kboe/d of crude oil, natural gas liquids, bitumen and synthetic oil (+4%) and 7,734 mcf/d (219 mcm/d) of natural gas (-6.8%, with a 38% fall in Europe). Exxon also sold 5,461 kb/d of energy products (+2%). The group’s refining throughput was 4 mb/d in 2023 (stable compared to 2022).
In addition, the US oil and gas group Chevron also released its 2023 results, posting full-year earnings of US$21.4bn, a 40% decrease compared to 2022 (US$35.5bn), due to lower upstream realizations, losses from decommissioning obligations for previously sold assets in the US Gulf of Mexico, higher US upstream impairment charges and lower margins on refined product sales. The company spent US$15.8bn in 2023 on investments (+32%). Chevron produced 3,120 kboe/d of oil and gas in 2023 (+4% compared to 2022), including 1,830 kboe/d of liquids and 7,744 mcf/d (219.3 mcm/d) of natural gas. International production decreased by about 3% in 2023, while US production increased 14% compared to 2022, due to higher production in the Permian Basin.
Both companies had more than doubled their earnings in 2022.