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Exxon Broke a New Record in Profits

exxon broke a new record profits

exxon broke a new record profits

On Tuesday, Exxon Mobil Corp (XOM.N) announced a record-breaking net profit of $56 billion for 2022, equivalent to an astonishing $6.3 million every hour. This remarkable achievement is expected to push the combined take of oil majors close to reaching an unbelievable $200 billion total this year alone, inevitably prompting some nations to consider implementing windfall taxes on these corporations.

Profit Announced by Exxon Far Exceeds Expectations

Despite oil prices being 30% lower than the average in 2008 when it hit $142 per barrel, ExxonMobil’s results blew away the previous record of $45.2 billion. Their cost-cutting efforts throughout 2020 were key to their remarkable success during such trying times.

According to Exxon‘s Chief Financial Officer Kathryn Mikells, the organization experienced significant year-on-year revenue and cash flow augmentation. This was primarily due to robust markets, heightened throughput levels, bountiful production output, and excellent cost control management.

Exxon reported that it suffered a massive $1.3 billion loss in its fourth-quarter earnings due to the initiation of an EU windfall tax and also because of asset impairments. Consequently, Exxon has filed a lawsuit against the European Union based on the argument that this levy surpasses legal authority.

After subtracting all expenditures, the net profit for the entire year was an astounding $59.1 billion! Production rose by 100,000 barrels a day from last year to 3.8 million bpd, and adjusted per-share profit of $3.40 exceeded expectations of Refinitiv data predicting it would be at least $3.29 per share – shares then increased 2% up to 115$.63 making this an incredibly fruitful period for our company!

exxon broke

The White House Expresses Dissatisfaction

On Tuesday, the White House let out a juicy statement that had everyone talking! They expressed their frustration over Exxon Mobil’s whopping $56 billion net profit in 2022 – a record-breaking year not only for Exxon but for the entire Western oil industry. They pointed out that this massive margin came at a time when Americans were struggling with sky-high gas prices. And, the statement didn’t hold back any punches, taking a swing at the 2018 attempts by some Republicans in the House to push policies that would benefit big energy players like Exxon Mobil Corporation.

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