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.
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Oil and gas sector payments to governments are expected to reach an all-time high of $2.5 trillion in 2022, smashing the previous record of $2.1tn in 2011, amid higher prices and increasing production, according to a new report from Rystad Energy. Saudi Arabia, Opec’s biggest producer, is set to top the table in terms of .
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, 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.