Big Oil to confront tough choices as mega profits fade into memory

Energy supermajors are being forced to confront some tough choices in a weaker crude price environment, with generous shareholder payouts expected to come under serious pressure over the coming months.

U.S. and European oil majors, including Exxon Mobil , Chevron , Shell and BP , have moved to cut jobs and reduce costs of late, as they look to tighten their belts amid an industry downturn.

It reflects a stark change in mood from just a few years ago.

In 2022, the West's five biggest oil companies raked in combined profits of nearly $200 billion when fossil fuel prices soared following Russia's full-scale invasion of Ukraine .

Flush with cash, the likes of Exxon Mobil, Chevron, Shell, BP and TotalEnergies sought to use what U.N.