Exxon smashes Western oil majors' earnings record with $56 billion profit for 2022

[groundloop]

Source: Reuters

Exxon Mobil Corp posted a $56 billion profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry.

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’s results far exceeded the then-record $45.2 billion net profit it reported in 2008, when oil hit $142 per barrel, 30% above last year’s average price. Deep cost cuts during the pandemic helped supercharge last year’s earnings.

“Overall earnings and cashflow were up pretty significantly year on year,” Exxon Chief Financial Officer Kathryn Mikells told Reuters. “So that came really from a combination of strong markets, strong throughput, strong production, and really good cost control.”



Read more: https://www.reuters.com/article/exxon-mobil-results-idCAKBN2UA0ZJ

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[Dustlawyer]

1. They made a lot of money jacking up the price of fuel because "inflation".

They also wanted to defeat Democrats in the mid-terms by blaming Biden for high gas prices. Pure evil.

[newdayneeded]

2. I was told here that that is just

a conspiracy theory, because, you know, there's no way the right wing leaning oil companies would artificially raise prices to affect the election......right?

[Chainfire]

3. Does anyone doubt who funded that profit?

[SledDriver]

4. How much is enough?

[CountAllVotes]

5. They have no shame

Gasoline is still over $5.00/gallon in California.

When is enough ever enough?

& recommend.

[BumRushDaShow]

6. They used to consider $4 billion profits/qtr ($16 billion/yr) an excellent return

Now they are getting $14 billion/qtr ($56 billion/year), which is downright gouging.

[turbinetree]

7. I just wonder if Tillis is still laughing all the way to the bank with this dirty money.....

because after all this shit company has ties to Gazpom.....

https://seekingalpha.com/article/4564919-exxon-mobil-sanctions-russia-working

[William Seger]

8. "So that came really from ..."

PRICE GOUGING! Greedy and disingenuous.

[patphil]

9. How about a 30% excess profit tax as punishment for price goughing?

[mpcamb]

24. Maybe call a "Windfall Tax"; make it sound nicer.

[Initech]

10. Hey Exxon, I'll tell you where you can stick your cash flow...

[multigraincracker]

12. Looks like they have BIG plans for that money.

https://www.jwnenergy.com/article/2023/1/31/exxons-59-billion-profit-clouded-by-disappointment/
Exxon expanded buybacks multiple times last year and already has signaled its intention to repurchase $50 billion of stock through 2024. Chief Executive Officer Darren Woods is likely to be probed on whether Exxon can increase the pace of buybacks again when he hosts a conference call with analysts at 8:30 a.m. New York time.

Of course the CEOs are compensated with shares of stocks. Looks like a huge raise for them that won't show up on the books. It will show up in their personal wealth.

Either out law stock buy backs or tax them at 90%.

[GB_RN]

15. Outlaw Them...

As I understand it, they weren’t legal before Ronald Wilson Reagan (666). Stock greed has since run amok.

[Initech]

17. Yup, they rob from the poor and give to themselves.

[Traildogbob]

18. That's not insulting to them

They will stick it up there gleefully to hide it from the tax man. No body wants to be the one to pull out the taxable cash.

[Initech]

19. So is this why Fox News is so scared of 87,000 IRS agents?

[Traildogbob]

20. They are scared

Of them showing up with guns, those things they deem sacred, to do whatever they are sent there with guns to do. Had a brother say this last week while we are sorting through our deceased dad’s (Covid) things. He doesn’t pay much attention to politics but like many they hear this crap and that is ALL they hear. 87,000 libs with guns coming to your home, for something???? But only middle class and poor homes.

[JudyM]

11. "really good cost control"

Yes, I’m sure that played a large part.



Will the media be all over this??

[LittleGirl]

13. This is disgusting eom

[twodogsbarking]

14. And we didn't even get a "thank-you card".

[republianmushroom]

16. just a little price gouging.everybody does it.

beside were getting ready for electric auto's.

[leftyladyfrommo]

21. Chevron posted 35.5 billion profit. nt

[Permanut]

22. This could have been prevented..

US S4217 -
The Transportation Fuel Market Transparency Act, failed to make it out of committee due to 100% failure of Republican support.

So - MAGA cult members, any complaints about high gas prices? Ask your Republican senators to fix the problem, as soon as they finish with Hunter Biden's computer, gas stoves, the stolen election, CRT and Dr. Fauci.

[Magoo48]

23. planet killing, greed-driven sociopaths and psychopaths.

[Samrob]

25. At a minimum they should refill our oil reserves in appreciation of getting away with gouging!

[czarjak]

26. Whew, I was sweating that they couldn't increase their profits. All is well, huh, Darren?

[Yavin4]

27. This is the price we pay for creating car dependent infrastructure.

Car dependent urban planning was built on the premise that gas would be cheap forever. Guess what.

[Number9Dream]

28. This will not be mentioned in the media (except for DU & a couple others)

[EX500rider]

29. I notice they carefully don't mention what gross sales were

403 billion, so the 56 billion was 14% profit, not bad but not outrageous in my opinion.