Earnings
Earnings 2022-2021
Segment earnings in 2022 were $22,212 million, compared with $8,060 million in 2021. The increase was mainly driven by the combined effect of higher realised prices and contributions from trading and optimisation, and gains related to the fair value accounting of commodity derivatives. This was partly offset by lower volumes and higher operating expenses.
Full year segment earnings included identified items of $6,075 million which comprised gains of $6,273 million due to the fair value accounting of commodity derivatives and net impairment reversals of $779 million, partly offset by other impacts of $608 million, which mainly comprised loan write-downs, and charges of $387 million due to provisions for onerous contracts. The full year 2021 Identified Items were a loss of $988 million and included losses of $1,423 million due to the fair value accounting of commodity derivatives and impairment charges of $395 million, partly offset by gains of $1,097 million related to the sale of assets.
Earnings 2021-2020
Segment earnings in 2021 were $8,060 million, compared with a loss of $7,230 million in 2020. The increase was mainly driven by higher realised prices for oil, LNG and gas, favourable tax movements and higher volumes.
Full year 2021 segment earnings included Identified Items of $988 million loss which comprised losses of $1,423 million due to the fair value accounting of commodity derivatives and impairment charges of $395 million, partly offset by gains of $1,097 million related to the sale of assets. Full year 2020 Identified Items were $11,443 million loss which included impairment charges of $10,152 million mainly reflecting revisions to mid- and long-term price outlook assumptions and primarily related to the Queensland Curtis LNG and Prelude floating liquefied natural gas (FLNG) operations in Australia and unconventional assets in North America. It also comprised a net charge of $880 million because of the fair value accounting of commodity derivatives and a charge of $607 million related to onerous contract provisions.
