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Fortune
Fortune
Prarthana Prakash

Oil companies that made a killing last year are now facing a reckoning

Oil Shell TotalEnergies Europe European Union
A truck driver stands by the gas container of his truck at a Shell gas station (Credit: JOHN THYS/AFP via Getty Images))

The oil and gas industry enjoyed a stellar summer in 2022, driven by tight supply linked to the Russian invasion of Ukraine, pushing prices to new heights. Despite soaring inflation and mass layoffs in other sectors, European powerhouses Shell and TotalEnergies emerged as clear winners, capitalizing on the favorable tailwinds.

But now those companies are facing a reckoning as oil and gas prices plummet.

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