The oil majors reported Q4 and Full Year 2021 results that were the best in a decade and, in some cases, were the highest in the company’s history.
The companies reported a combined US$232bn in cashflow from operations in 2021. This compared to US$105bn in 2020 and US$183bn in 2019. Earnings benefited from significantly higher oil, gas, and power prices in the final quarter of the year. Management teams also emphasized delivery on efficiencies, capital discipline and strategic priorities.