Exxon profit hits record high in 2022 as energy prices soar

ExxonMobil posted record annual profit in 2022. Americans struggled with high prices for gasoline, home heating, and consumer goods.

The oil giant posted a profit of $12.75 billion in the fourth quarter, bringing the full-year profit to $55.7 billion. This surpassed his record annual profit of $45.22 billion set by Exxon in 2008, when a barrel of oil soared to nearly $150.

The Irving, Texas company posted revenue of $95.43 billion in the fourth quarter.

The company said recovering demand and tight energy supplies boosted profits.

“While our performance clearly benefited from strong markets, the counter-cyclical investments we made before and during the pandemic have helped the economy recover,” said CEO Darren Woods. From the beginning, we provided the energy and products people needed at a time when supplies were tight.” “We leaned in when others leaned in.”

Exxon achieved its highest ever annual refining throughput in North America and the highest globally since 2012, the company said. Having mechanically completed the expansion of its Beaumont refinery in Texas, in the first quarter of this year he expects to bring 250,000 barrels of crude oil distillation capacity to market per day.

Exxon earned $3.09 per share for the quarter. That was lower than analysts surveyed by Factset had expected at $3.29 per share.

Oil prices during the quarter ranged from $70 to $90 per barrel of US benchmark crude oil. Domestic natural gas prices, which affect household energy and electricity costs, ranged between $6 and $7 per million British thermal units during the fourth quarter, according to FactSet, which is the lowest in most US markets in recent years. It was higher than the price people paid.

Since Russia invaded Ukraine, Russia has cut its natural gas supply to Europe, resulting in higher prices for natural gas and its liquid counterpart, LNG, on global markets.

President Joe Biden has accused oil companies of profiting from the war Russia waged against Ukraine and had previously raised the possibility of imposing a war profits tax on oil companies. said it incurred $1.3 billion during the quarter related to European taxes on the energy sector.