Business

The big oil giants reported bumper profits for 2023. BP’s underlying profit of $13.8bn was its second-largest in a decade. Murray Auchincloss, the new chief executive, announced that the company would extend its share buy-back programme. TotalEnergies’ net profit of $21.4bn was a record. Chevron’s net income, also $21.4bn, was its second-highest since 2013, as was ExxonMobil’s $36bn since 2012. Exxon also claimed a big victory when two activist investors withdrew their proposed shareholder motion for the company to speed up its emissions reductions. Exxon is still ploughing ahead with a lawsuit questioning the investors’ motives. Shell recently reported a profit of $28bn.