The global oil and gas industry raked in about $4 trillion US in profits in 2022, compared with an average of $1.5 trillion in recent years. There are many ways the sector could spend that money, but so far companies seem to want to pay down debt and pass on a good portion of those profits to shareholders.
There are many ways the sector could spend those hefty returns, but so far companies seem unwilling to waver from their primary strategy of paying down debt and passing on a good chunk of those profits to shareholders. "I suspect we're going to keep seeing those results going forward," said McCrea, who is based in Calgary. "As these companies see these profits, there's not a motivation to suddenly go and say, 'Let's go spend a bunch of money here now and potentially not make these profits over the next few years.
No doubts by looking at the gas price in the past year
Definitely seems like the right idea is to pay the most profitable companies in the world to clean up their workspaces, even though that's the law anyway. Profitable companies: let's kick back more of our royalties to them. Yep: sounds about right.
Green Movement achieved the reduction of investments into fossil fuel production. Reduced supply met increased demand. Huge profits for oil companies. Thank you Greta Thunberg, well played.
Boom and bust. Par for the course.
Yes, they made money, but is that really the CBC story, or is that just the opening of Salvo to promote hatred against big bussiness which just happens to be Canada's because employer and the biggest money maker Canada has? Which is it?
Shocker - but yet Canadians paying for our own gas/oil are being raped at the pumps!! But that’s ok… cause our incredible JustinTrudeau government will help us out… oh wait, the carbon tax is adding to this and killing us!!!! worstpmever
Because of sanctions on Russia. It can be done. Cut them off.
WBrettWilson sunlorrie brianlilley CPC_HQ ABDanielleSmith PremierScottMoe PierrePoilievre erinotoole FireFordNow nationalpost
This is impossible. The man who drives the be-testicled truck across the street with the Fuck Trudeau flag on a hockey stick insists that the libs are stopping Alberta from producing its oil.
CalgaryOccupy Canada must end ALL subsidies to O & G. Clearly unneeded. Why is taxpayer money going to the rich?
All the oil companies are saying thank you to all the consumers who continue to travel and not adjusting your driving habits…your loyalty is appreciated! 😂
Most profitable year on history, highest gas prices in history. Wow imagine that!
And they still are hiring less and less. It’s time to end their subsidies and they can spend their own money on things other than stock buybacks and investor dividends.
Oh - oh - inflation driver.
That's awesome. If the government was putting me outta business I'd rape you m/fers too!!!!!
Good
ov course it was profitable - they raised their prices FOR NO REASON except MORE PROFITS.
So there is no business case for O&G or LNG or use of fossil fuels. The Liberal government needs to move quickly to reduce these profits & force everyone into electrification.
During a time when the ordinary worker is under duress what does the the fossil fuel industry do? They artificially raise prices on gasoline and diesel. Nice work!
Gee I wonder why?
davidreevely The UK and much of the EU has passed windfall profit taxes which proceeds have been dedicated to health care.
Windfall taxes
You don’t say. The war had zero effect on the oil supply. Just an excuse to raise prices and get people to panic buy.
While the rest of us are being swindled at the pumps. JustinTrudeau
Despite increasing energy transition calls, oil companies still prioritize profits over decarbonization. This short-term focus undermines their long-term viability and contributes to the energy sector's climate challenges. ClimateAction
Then we best deepen our public subsidy of this struggling sector. Right, JT?
Yes they make billions. Yes they spend billions, Yes they employee thousands of Canadains from coast to coast to coast, yes there royalties pay for Healthcare. Education and infrastructure across Canada, yes they support their local communities, so what is your point?
Of course it was commodity markets have driven the price of oil up. Govts don’t care about pump price most tax is fixed amount but some is based on price. Cash windfall to pay for the taxpayer funded gifts.
We with all the talk of just transition,🤔you can't blame them for increasing prices.
How about the years when they were barely profitable? Always deflecting and protecting your boss JT. Your free money is coming to an end CBC.
And Alberta residents are still getting it dry over a barrel.
Oil is speculation. If you tell people oil will be scarce going forward because you’re phasing it out so no investment, it will get expensive and current oil will be worth a lot more.
Did they make as much as execs and employees with all the raises and bonuses, well did they ?
Every single major oil company posted record annual profits in 2022.
And drivers are being gouged!
Good Alberta needed the boost.