Oil Industry’s windfall fails to excite Wall Street

4 min read . Updated: 05 Feb 2023, 07:34 PM IST Collin Eaton, The Wall Street Journal

Fifteen of the 20 companies with the best returns in the S&P 500 index last year belonged to the oil industry, including Occidental Petroleum Corp., which had a 119% total shareholder return, according to Dow Jones data (Photo: AP) — Fifteen of the 20 companies with the best returns in the S&P 500 index last year belonged to the oil industry, including Occidental Petroleum Corp., which had a 119% total shareholder return, according to Dow Jones data **(Photo: AP)**

Exxon, Chevron and Shell deliver record profits, but investors are wary

The biggest Western oil companies, Exxon Mobil Corp., Chevron Corp. and Shell PLC, together cleared a record of more than $132 billion in annual profit in 2022 and handed investors $78 billion via share buybacks and dividends, about 50% more than the last time oil topped $100 a barrel in 2014.

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