Upstream Oil Industry To See Highest Profits Ever In 2022

Public exploration and production (E&P) companies are on track to shatter previous record profits this year as high oil and gas prices and surging demand drive financial success. Rystad Energy research shows that total free cash flow (FCF)*, a company’s cash from operations after accounting for outflows and asset maintenance, will balloon to $834 billion, a 70% increase from the $493 billion profits in 2021. Total FCF from public E&Ps fell to around $126 billion in 2020 as a result of the Covid-19 pandemic and the ensuing oil price…