Exxon smashes Western oil majors' profits with $56 billion in 2022
From Adolph K. Price@21:1/5 to All on Tue Jan 31 21:28:40 2023
XPost: talk.politics.guns, alt.global-warming
HOUSTON, Jan 31 (Reuters) - 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.
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 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."
Exxon said it incurred a $1.3 billion hit to its fourth-quarter earnings
from a European Union 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 per day over a year ago to
3.8 million bpd. Adjusted per-share profit of $3.40 beat consensus of
$3.29 per share, according to Refinitiv data.