Oil & Gas

04 Feb 2023

Shell and Conocophillips More Than Doubled Their Earnings in 2022

04 Feb 2023  by   
The British oil and gas company Shell has released its 2022 results, posting a US$40bn profit for the year, a more than twofold increase compared to its 2021 earnings (US$19bn). Shell’s previous profit record was in 2008 (US$31bn). Shell’s total production of oil and gas stood at 921 kboe/d in 2022, an 8% decrease compared to 2021. Natural gas production fell by 5% to 4,600 mscf/d (130 mcm/d) and liquids production fell by 25% to 128 kb/d. Shell’s LNG liquefaction volumes also declined by 4% to reach 29.7 Mt, while its LNG sales volumes increased by 3% to reach 66 Mt. Total proved reserves in 2022 are expected to be approximately 9.6 Gboe, with a reserve replacement ratio of 120%.
The US energy company ConocoPhillips also released its preliminary 2022 results, posting a US$17bn profit, a more than twofold increase compared to 2021 (US$8bn). The company funded US$10bn of capital expenditures and investments in 2022. ConocoPhillips’ total production of oil and gas amounted to 1,738 kboe/d in 2022, an 11% increase compared to 2021. Preliminary 2022 year-end proved reserves are 6.6 Gboe, with a total reserve replacement ratio of 176%.



More News