Energy Shift
Visualized: How the Oil and Gas Industry Spends Its Profits
How the Oil and Gas Industry Spends Its Profits
2022 was a highly profitable year for the oil and gas industry. Due to Russia’s invasion of Ukraine, energy prices skyrocketed, and the industry amassed an astounding $4 trillion in profits.
So, how were these 2022 profits spent? And how does this spending compare to previous years?
To find out, we’ve visualized the distribution of cash spending by the global oil and gas industry between 2015 and 2022, according to the International Energy Agency’s 2023 World Energy Investment report.
Distribution of Cash Spending: 2015-2022
Unlike previous years, a majority of the oil and gas industry’s 2022 profits were channeled towards enhancing shareholder dividends and reducing debt burdens.
This means that capital expenditure for oil and gas production dropped below 50% of total spending for the first time in more than 15 years.
| Distribution of Spending | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|
| Oil and gas capital expenditure | 87% | 93% | 82% | 72% | 71% | 73% | 60% | 47% |
| Clean energy capital expenditure | 0% | 0% | 0% | 0% | 0% | 0% | 1% | 1% |
| Dividends* | 13% | 7% | 18% | 28% | 29% | 27% | 26% | 39% |
| Net debt repayment | 0% | 0% | 0% | 0% | 0% | 0% | 13% | 13% |
| TOTAL | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
*Dividends include share buybacks, exclude share issuances.
Shareholder pressures for greater returns, as well as long-term demand and cost concerns, were primary reasons for the reshaping of this spending.
Conversely, even with the continued demands for the sector to contribute more to addressing climate change, cash flow allocated to clean energy remained around 1% of spending.
Subnational Spending Trends
The International Energy Agency (IEA) predicts that expenditure on new fossil fuel supply will experience a 6% increase in 2023, reaching a total of $950 billion.
While this refers to global numbers, noteworthy disparities do exist based on geographical location and different types of oil and gas companies, including:
- Most of the growth in new supply expenditure is expected to come from Middle Eastern national oil companies. Based on their announced spending, they are the only subset in the industry that is planning to spend significantly more in 2023 than in 2022.
- Real spending on oil and gas supply continues to fall short of 2019 levels for a majority of North American and European companies.
- While only making up 1% of total spending in 2022, investment in carbon capture, utilization, and storage (CCUS), hydrogen, and bioenergy are growing in the industry. Most of these projects are led by major private players, along with national oil companies from Europe and North America.
What About the Energy Transition?
While there are shifts in the oil and gas industry’s spending, it’s important to note that current capital expenditures in fossil fuels are more than double what is required to achieve the IEA’s 2050 Net Zero Emissions Scenario.
Therefore, more meaningful and substantial shifts in spending are necessary to bring down the emissions of the sector.
Energy Shift
Charted: Coal Still Dominates Global Electricity Generation
Fossil fuels account for nearly 60% of power generation.
Charted: Coal Still Dominates Global Electricity Generation
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Key Takeaways
- Fossil fuels made up nearly 60% of 2024 electricity generation.
- Coal accounts for 35% of total power generation.
Fossil Fuels Still Power Most of the World
Global energy demand grew faster than average in 2024, driven by rising electricity use across sectors. The power sector led the surge, with demand growing nearly twice as fast as overall energy use—fueled by increased cooling needs, industrial activity, transport electrification, and the expansion of data centers and AI.
Despite a growing push toward cleaner energy sources, coal remains the leading source of electricity generation worldwide. In 2024, fossil fuels accounted for nearly 60% of global power generation, with coal alone contributing 35%, according to the International Energy Agency.
While renewable energy continues to expand, making up about one-third of total electricity production, the global energy mix still leans heavily on traditional sources.
| Country | Coal | Natural Gas | Oil | Renewables | Nuclear |
|---|---|---|---|---|---|
| 🇮🇳 India | 73.4% | 3.3% | 0.2% | 20.5% | 2.6% |
| 🇨🇳 China | 58.4% | 3.2% | 0.1% | 33.9% | 4.4% |
| 🇺🇸 U.S. | 15.6% | 42.6% | 0.7% | 23.3% | 17.9% |
| 🇪🇺 EU | 10.7% | 15.6% | 1.5% | 48.7% | 23.6% |
| 🌍 Global | 34.5% | 21.8% | 2.4% | 32.1% | 9.1% |
In emerging markets and developing economies, coal continues to be the backbone of power systems. China, the world’s largest energy consumer, generated nearly 60% of its electricity from coal. In India, coal’s dominance is even more pronounced, providing close to three-quarters of all electricity produced.
In contrast, advanced economies are increasingly relying on cleaner sources. In 2024, the European Union made significant strides in renewable energy adoption—nearly half of its electricity came from renewables, far exceeding the global average.
In the United States, natural gas led the power mix, accounting for over 40% of electricity generation in 2024. President Trump’s pro-coal policies and the surge in energy demand from AI innovation are expected to boost coal production in the U.S. over the next few years.
Learn More on the Voronoi App 
If you enjoyed this topic, check out this graphic that shows how 36 companies are responsible for half of the fossil fuel and cement CO2 emissions.
Energy Shift
How the Largest Importers of Russian Fossil Fuels Have Changed (2022 vs. 2025)
Despite sanctions against Moscow, the EU remains a key consumer of Russian fossil fuels.
How the Largest Importers of Russian Fossil Fuels Have Changed (2022 vs. 2025)
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Since the war in Ukraine began on February 24, 2022, Russia has earned $915 billion from fossil fuel exports, with EU countries accounting for over $223 billion.
Despite sanctions against Moscow, the EU remains a key consumer of Russian fossil fuels.
This graphic highlights the largest importers of Russian fossil fuels, based on the daily flow of oil and gas, using data from the CREA Fossil Fuel Tracker as of March 2025.
China Becomes the Biggest Buyer
In June 2022, China overtook the EU as the largest importer of Russian fossil fuels. Today, China imports nearly six times more than the EU. India and Turkey have also emerged as major buyers.
| Country | 2022-01-14 (tonnes) | 2025-03-13 (tonnes) |
|---|---|---|
| 🇨🇳 China | 435,025 | 607,288 |
| 🇪🇺 EU | 928,998 | 104,646 |
| 🌍 Others | 244,945 | 275,747 |
| 🇮🇳 India | 28,907 | 344,848 |
| 🇹🇷 Turkey | 138,860 | 239,662 |
| 🇰🇷 South Korea | 93,267 | 30,255 |
| 🇺🇸 United States | 33,468 | 0 |
| 🇬🇧 UK | 49,062 | 0 |
Meanwhile, imports from the U.S. and UK, which were relatively small before the invasion, have dropped to zero.
EU Reliance on Russian Fuel
A report released by Ember estimates that European purchases of Russian gas amounted to €21.9 billion ($23.6 billion) in 2024.
Additionally, data collected by Kpler and analyzed by POLITICO Europe revealed that in the first 15 days of 2025, the 27 EU countries imported a record-high 837,300 metric tons of liquefied natural gas (LNG) from Russia. This has raised concerns that billions of dollars could be fueling Moscow’s war in Ukraine.
Russia’s Position in Global Oil Production
Russia remains one of the world’s top oil producers, frequently competing with Saudi Arabia for the second spot behind the United States.
Following the fall of the Soviet Union, Russia’s oil industry was privatized, but in 2021, the state forced a consolidation and restructuring of the sector. Today, Gazprom, Rosneft, and Lukoil are Russia’s leading oil and gas producers.
Learn More on the Voronoi App
If you enjoyed this topic, check out this graphic that shows Ukraine’s mineral resources.
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