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Aramco is expected to make $106 billion in profits in 2024, while ExxonMobil, Chevron, Shell, Total and Petronas together make less than that. Petrobras ends the year with $8 billion.
The global energy sector has undergone major changes in 2024. According to a report by Energy AnalyticsThe largest oil and gas companies in the world had a worse financial performance than in 2023. Even so, profits remain in the billions.
The absolute highlight is the Saudi Aramco, which recorded US$106 billion in net income in the year. The number is so expressive that surpasses the sum of the results of the five main competitors: ExxonMobil, Chevron, Shell, TotalEnergies and Petronas.
Comparison of profits of the largest oil and gas companies
The survey shows that, in addition to Aramco, other giants also made high profits, although with significantly lower amounts:
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Brazilian technology that searches for oil in the depths of the ocean and the 'impossible' engineering behind it that many ignore
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Petrobras wants to explore a huge oil deposit in Brazil and for this reason it has created 'the largest emergency plan ever made in the world', according to the president of the state-owned company. The problem is: Ibama does not authorize exploration
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The deactivated fleet of Brazilian offshore platforms totals thousands of tons of steel with controversial destination
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Thousands of kilometers of oil and gas pipelines beneath Brazilian cities that hold dangers that most people are unaware of
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- ExxonMobil: US $ 34 billion
- Chevron: US $ 18 billion
- shell e TotalEnergies: US$ 16 billion each
- Petronas: US $ 13 billion
- Gazprom: US $ 11 billion
- ConocoPhillips e Equinor: US $ 9 billion
- Petrobras: US $ 8 billion
Even with a drop in revenue compared to 2023, Petrobras remains among the largest oil and gas companies in the world.
BP sees historic drop in profits in 2024
A BP (British Petroleum) had the biggest contraction of all large companies. Its profit fell from $16 billion in 2023 to just $1 billion in 2024 — a drop of 93%.
Already the Italian Eni and the Kazakh KazMunayGas closed the year with US$ 3 billion and US$ 2 billion, respectively.
The dominance of state-owned enterprises and the legacy of the New Seven Sisters
Based on the 2024 data, it is clear that leading role of state energy companies. The list of the most profitable is led by national companies, such as Aramco, Gazprom, Petronas and Petrobras.
The term "New Seven Sisters”, coined by Financial Times in 2007, it seems more relevant than ever. At the time, the newspaper pointed to seven dominant state-owned companies: Aramco (Saudi Arabia), CNPC (China), NIOC (Iran), Gazprom (Russia), Petrobras (Brazil), PDVSA (Venezuela) and Petronas (Malaysia).
Today, half of them are among the profitability leaders in the sector.
General downward trend towards 2023
almost all biggest companies of oil and gas presented profit reduction in 2024. See the comparative data:
- Aramco: from US$121B (2023) for US$106B (2024)
- ExxonMobil: from US$ 36B for US$ 34B
- TotalEnergies: from US$ 21B for US$ 16B
- BP: from US$ 16B for US$ 1B
The decline reflects volatile oil prices, adjustments in supply chains and the effects of transitioning energy policies.
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