The oil and gas industry’s top four biggest oil companies received a combined $2.9 billion in profit last year, according to an analysis by The Independent.
This is the first time the oil and energy industry has been given an annual revenue ranking, after oil prices have risen by over 100% since the beginning of the year.
While the oil price was above $115 a barrel at the beginning the year, it plunged to just under $60 on Thursday, and then climbed back above $100 before falling back to $50.
The biggest oil and natural gas companies were Chevron, Exxon Mobil, Shell and Chevron.
All four earned a combined profit of $2 billion, which came in at $1.1 billion for Chevron.
Chevron’s oil production is growing by over 3,000 barrels per day, the company said.
“We believe that Chevron’s success in the oil field is the result of its strategic positioning as the global leader in this important industry,” the company’s president and chief executive officer, Michael Pearson, said in a statement.
“We are excited to continue to advance our strategic focus, which includes our investments in research and development and refining.”
Shell also made a strong showing with its revenue.
Its oil and water exploration and production earned it $2 million.
Shell was second with $1 billion in revenue.
In total, the oil companies made a total of $4.5 billion in profits last year.
The biggest oil profits came from the United States, where Exxon Mobil and Chevron were the two biggest earners, with each holding $2bn.
“Chevrons oil is now in a place of value, and we are seeing the world of value for oil as well,” Pearson said in the statement.
Chevys revenues in the United Kingdom also rose by over $1bn to $4bn.
The largest gainers were Total, with a profit of almost $2,500 million, and Shell, with $2b in revenue, with profits of $1,000m.
The US oil industry has also made strong gains, with Chevron making over $2billion in profit in 2015.