'Big Oil' doubles profits in year shaped by Ukraine and inflation 

Surge in profits gave companies scope to increase spending on oil and gas projects, and a chance for some to rethink energy transition strategies

Big Oil more than doubled its profits in 2022 to $219bn (€246bn), smashing previous records in a year of volatile energy prices where Russia's invasion of Ukraine reshaped global energy markets and, in some cases, the industry's climate ambitions.

The profit surge gave the oil companies scope to increase spending on oil and gas projects, and a chance for some to rethink energy transition strategies to meet new demands for security of supply.