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. 2022 Feb 16;17(2):e0263596. doi: 10.1371/journal.pone.0263596

Fig 4. Upstream CAPEX and earnings.

Fig 4

(a) Upstream CAPEX (2009~2020) (b) Upstream earnings ratio (2009~2020). Note: BP, Shell, and Chevron incurred negative earnings in 2015 and 2016, due to decreased oil prices. In 2020, all four majors suffered huge losses upstream and across the whole business chain due to reduced oil demand during the COVID-19 pandemic. Trends in these three years should thus not be taken into account. BP also incurred huge losses in 2010 due to the oil leak in the Gulf of Mexico. In 2013, because of the loss of downstream and other business, BP’s total earnings reached only $4,950 million, though upstream earnings were $8,848 million. BP’s earnings ratio during these two years should therefore also be ignored.