US oil giants Exxon Mobil and Chevron have reported their second-largest annual profits in a decade.
The US oil giants reported a combined profit of £45 billion for 2023.
Profits fell from record highs reached in 2022, as oil and gas prices fell from the peak that followed Russia’s invasion of Ukraine.
US oil giants have also been criticized by green activists for increasing oil and gas production.
Chevron reported total profits of £16.8 billion for 2023 – down 39 percent from last year’s record £27.8 billion.
Strong performance: Oil giants Exxon Mobil and Chevron reported combined profits of £45 billion for 2023
But it was the energy company’s second-highest profit since 2013.
And Exxon’s profits fell 35 percent from £43.7 billion to £28.2 billion in 2023.
Otherwise, however, it was the strongest performance since 2012.
Chevron handed shareholders £20.4 billion in 2023 – 18 percent more than the previous record of 2022, while Exxon handed out £25.5 billion to investors.
Both increased U.S. domestic oil production last year and announced mega deals to acquire rival companies.