Big Oil’s Huge Profits Offset by Russian Asset Write-Offs ...Middle East

The world’s largest international oil firms are expected to book a combined $34 billion in net profits for the first quarter—the largest in more than a decade—but Big Oil will also book asset impairments of the same amount over their decisions to stop Russian operations. Exxon, Chevron, Shell, BP, and TotalEnergies are expected to book the highest combined net income for a quarter since 2011 when they report earnings at the beginning of May, per analyst estimates compiled by Bloomberg. However, impairments from quitting Russian…

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