While Big Oil price gouges hard working American families, corporations like ExxonMobil are making record profits, which Republicans who take millions in campaign cash from Big Oil are allowing them to do.
Reuters: Exxon smashes Western oil majors’ profits with $56 billion in 2022
Sabrina Valle
01/31/2023
Key Points:
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Exxon Mobil Corp (XOM.N) posted a $56 billion net 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.
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Oil majors are expected to break their own annual records on high prices and soaring demand, pushing their combined take to near $200 billion.
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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.
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“Overall earnings and cash flow 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.”
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Excluding charges, profit for the full year was $59.1 billion. Production was up by about 100,000 barrels of oil and gas per day over a year ago to 3.8 million bpd.
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President Joe Biden’s administration on Friday blasted oil firms for pouring cash into shareholder payouts rather than production. Exxon distributed $30 billion in cash to shareholders last year, more than any of its Western rivals.
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Exxon boasted that its cash flow from operations soared to $76.8 billion last year, up from $48.1 billion in 2021.
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