Five largest fossil majors’ profits dropped 30% in 2020
Data acquired by Finbold indicates that the five largest oil and gas companies recorded a cumulative revenue of $1.14 trillion in 2020, a fall of approximately 30.9% from 2019.
Oil majors posted impressive returns in 2020, despite the pandemic impacting the energy sector heavily. However, they are yet to reach their pre-pandemic levels as the economy’s recovers from the hammer blow of the coronavirus.
Data from Finbold suggests that although the five largest oil and gas companies recorded revenues of $1.14 billion in 2020, the sum represented a loss of about $500 billion from the 2019 figure of $1.65 trillion.
According to Finbold’s report: “In the next few years, consumption is forecast to remain below its pre-pandemic trend. However, the pandemic is likely to affect oil consumption in the longer term due to a shift in consumer behavior.
“For example, air travel globally might not fully recover as people opt for remote meetings. Elsewhere, a shift towards working from home might further lower the gasoline demand.”
