ExxonMobil and Chevron amass over $57 billion in profits during 2023 while new acquisitions fuel portfolio growth

U.S. oil and gas majors ExxonMobil and Chevron have raked in huge profits over the course of the past year, recording $36 billion and $21.37 billion, respectively. However, these multi-billion-dollar profits are still significantly lower than all-time high ones of $55.7 billion and $35.5 billion, which were observed in 2022. The drop in the energy giants’ combined profits from $91.2 billion in 2022 to $57.37 billion in 2023 is a by-product of the global downturn in oil and gas prices. The series of new acquisition moves the duo made in 2023 lend weight to the U.S. players’ plans to up the production ante in a bid to meet the rise in future energy demand.