Oil Majors Still Profitabe Even If Super-profits Gone

From BP to ExxonMobil to TotalEnergies, none of the oil and gas majors have repeated the exceptional profits posted in 2022 when prices surged in the wake of Russia's invasion of Ukraine, but they nevertheless remain comfortably profitable this year.

BP was the last to report earnings, reporting Tuesday a second-quarter net profit of $1.8 billion, which was just a fifth of what it earned in the same period last year.

Before it, the US giant ExxonMobil saw its second-quarter profits tumble 56 percent to $7.9 billion, while rival Chevron...