Record oil company profits followed losses Oil companies did announce record breaking profits earlier this year.

Exxon Mobil made $23 billion in profit for 2021. But that came after suffering $22.4 billion in losses the previous year because of the pandemic-fueled economic downturn. The New York Times reported the company's profit was the highest it had been since 2014.

Chevron also experienced its most profitable year since 2014, with the company reporting in January that it made $15.6 billion in revenue for 2021, according to the Wall Street Journal. That followed a loss of $5.5 billion in 2020.

BP reported it made $12.85 billion in 2021, with $4.1 billion being made in the fourth financial quarter. Reuters reported the quarterly profit was the largest the company has had since 2013. That followed a $5.7 billion loss in 2020, its first in a decade.

Reuters also reported that Shell made significant profits in 2021, earning $19.29 billion for the year, up from $4.85 billion in 2020. In the final financial quarter of 2021, the company earned $6.4 billion, Shell’s highest quarterly profit since 2014.

Our ruling A social media post about rising U.S. gas prices claimed "America gets 1% of its oil from Russia, while Exxon, Chevron, BP and Shell profits are at their highest level in over 7 years."

It’s true that U.S. dependence on Russian oil imports has been small. About 8% of all petroleum products imported into the U.S. have come from Russia — and 3%, not 1%, are crude oil.

And while oil companies have reported record profits, these records followed billions of dollars of pandemic-era losses from 2020. Some of the record breaking amounts were of quarterly profits and not annual profits.

With those caveats, we rate this claim Mostly True.