The profit bonanza is seen by the oil majors as vindication after the companies resisted pressure from activists and some shareholders to pivot away from their core oil and gas businesses and slash climate-warming emissions, Financial Times reports.
Exxon was expected to record more than $56 billion in profits in 2022 and Chevron is set to top $37 billion, record highs for both companies, according to Wall Street estimates compiled by S&P Capital IQ.
It is a sharp reversal from 18 months ago when the companies were still struggling to recover from the coronavirus pandemic-driven crude price crash and reeling from stinging shareholder defeats over their climate strategies. Pressure on the companies peaked when Exxon lost control of three board seats to activist hedge fund Engine No. 1 last May.
