Exxon Profit Zooms On Higher Prices, War

Exxon Mobil posted record annual profits in 2022 as consumers globally struggled with high prices for gasoline, home heating, and consumer goods, Cathy Bussewitz reported for the Associated Press (AP).

Photo Insert: The energy giant brought in $55.7 billion in annual profits, exceeding its previous record of $45.22 billion in 2008 when a barrel of oil soared close to $150.

The energy giant brought in $55.7 billion in annual profits, exceeding its previous record of $45.22 billion in 2008 when a barrel of oil soared close to $150. Exxon’s bounty came as Americans shelled out $4 per gallon for gasoline throughout most of the spring and summer with millions hitting the road.

At one point gasoline topped $5 a gallon. Supplies grew tight and prices rose globally after Russia invaded Ukraine and reduced energy supplies to Europe.

The year marked a dramatic turnaround from 2020 when travel ground to a halt during the coronavirus pandemic and demand for fuel evaporated.

That year, the price for future oil contracts plummeted below zero at one point, dozens of oil and gas companies filed for bankruptcy protection and thousands of industry workers lost their jobs. Exxon, for the first time in decades, lost money in 2020.

Two years later, Exxon booked $12.75 billion in profits and $95.43 billion in revenue in just its final quarter.

“While our results clearly benefited from a favorable market, the counter-cyclical investments we made before and during the pandemic provided the energy and products people needed as economies began recovering and supplies became tight,” said CEO Darren Woods.

“We leaned in when others leaned out.”

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