mmmm according to Investopedia "The average net profit margin for oil and gas production was 4.7% in 2021 and 31.3% in Q4 2021.
For oil and gas exploration and production stocks included in the S&P 500 index, the aggregate operating profit margin was 19.6% in Q4 2021, according to Yardeni Research"
So it looks like the spike in O&G profit margins kinda happened just before inflation rose dramatically, maybe it was one of the drivers?
https://www.investopedia.com/ask/ans...ing-sector.asp