Tuesday, February 7, 2023

Exxon 2022 Profit Hits Historic High for Western Oil Industry



Exxon Mobil posted a $56 billion profit for 2022, the company said on January 31, meaning it made about $6.3m an hour last year, and setting not only a company record but a historic high for the western oil industry, says The Guardian.

Oil majors are expected to break their own annual records on high prices and soaring demand, pushing their combined take to near $200 billion. The scale has renewed criticism of the oil industry, and sparked calls for more countries to levy windfall profit taxes on the companies.

Exxon said it incurred a $1.3 billion hit to its fourth-quarter earnings from a EU windfall tax that began in the final quarter and from asset impairments. The company is suing the EU, arguing that the levy exceeds its legal authority.

Excluding charges, profit for the full year was $59.1 billion. Production was up by about 100,000 barrels of oil and gas a day over a year ago to 3.8 million barrels a day.

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