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The EU wants to wean itself off Russian fossil fuels by 2027 and has cut its use of piped Russian gas dramatically. Even so, EU countries imported a record amount of Russian LNG this year, per Global Witness. Global Witness projects the EU's Russian LNG purchases in 2023 to total nearly 5.3 billion euros, or $5.75 billion. "Buying Russian gas has the same impact as buying Russian oil. In March, Kadri Simson, the EU's energy commissioner, called on member states to stop buying Russian LNG as it's a "reputational risk."
Persons: Moscow —, Adam Bennett, Bennett, Spain —, Jonathan Noronha, Gant, Kadri Simson, Teresa Ribera Organizations: Service, LNG, Moscow, Global, EU, Russia, Russian, Russian LNG, Commission Locations: Wall, Silicon, Ukraine, Europe, Kpler, China, Japan, South Korea, Belgium, France, Netherlands, Spain
The British energy giant posted underlying replacement cost profit, used as a proxy for net profit, of $27.7 billion for 2022. Analysts polled by Refinitiv had expected net profit of $27.6 billion for full-year 2022. BP said its previous annual profit record was $26.3 billion in 2008. For the fourth quarter, BP posted net profit of $4.8 billion, narrowly beating analyst expectations of $4.7 billion. Before that, U.S. oil giant Exxon Mobil reported a $56 billion profit for 2022, marking a historic high for the Western oil industry.
The second largest U.S. oil producer's adjusted net profit for 2022 exceeded its previous record set in 2011 by about $10 billion. High prices from strong demand and shortages since Russia's invasion of Ukraine position Western energy firms to show a combined $200 billion profit for the year, according to analysts. It left global oil and gas production guidance for this year at flat to up 3%. FOURTH-QUARTER MISSIn the final quarter, Chevron posted adjusted earnings of $7.9 billion, or $4.09 per share, below analysts' estimate of a $4.38 per share profit. Its refining business picked up and almost tripled results from the previous year as international fuel production delivered stronger margins.
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