Exxon Mobil Corp., Chevron Corp., Shell Plc, TotalEnergies SE and BP Plc reaped almost $200 billion collectively last year but fears of an economic slowdown, plunging natural gas prices, cost inflation and uncertainty over China’s re-opening are dimming the outlook for 2023.

Exxon Mobil Corp. posted the highest profit in its 152-year history as natural gas demand and prices surged, following similarly strong results from European peers Shell Plc and TotalEnergies SE.

The Western world’s biggest oil companies likely just generated more cash than at any time since the Great Recession, and investors are about to find out what they’ll do with it.

It's the first time the Texas-based giant has been dethroned since it began as Standard Oil more than a century ago.