All global oil majors saw profits fall by about half from a bumper 2022, as reduced oil and gas prices, refining margins and trading. Shell and TotalEnergies' earnings were down 56 per cent and 49 per cent year-on-year, respectively. Meanwhile, Exxon’s Q2 2023 income was $7.88 billion versus a record $17.85 billion in 2022. And Chevron's adjusted earnings for Q2 more than halved compared to $5.8 billion compared to $11.4 billion for Q2 2022. Italy's Eni too reported a 49 per cent fall in net profit in Q2, to 1.94 billion euros ($2.13 billion), down from a bumper result of 3.81 billion euros a year ago.