AUTONEWS

American oil giant made $6.3 million every hour in 2022

Exxon Mobil posted record annual profits in 2022, with the oil giant posting net profits of $56 billion, earning $6.3 million an hour. An amount that is the highest level not only of itself, but of all oil companies in the West.

Exxon's profits last year significantly surpassed the previous record set in 2008 (US$45.2 billion), when the price of oil reached US$142 per barrel, or 30% above last year's average price.

The drastic reduction in operating expenses was the noticeable difference, as it was the one that most contributed to the jump in financial results in 2022.

...overall earnings and cash flow were significantly higher than last year. It was a combination of strong buying, strong production and very good cost control, said CFO Kathryn Mikells.

Exxon, however, said it took a $1.3 billion hit to its fourth-quarter earnings due to unexpected European Union taxes and asset losses. It should be noted, however, that the oil giant sued the EU, arguing that the imposition of the said tax exceeds its legal competences.

The surprise tax cut $1.3 billion from Exxon's fourth-quarter profit, and if not for it, the company's annual profit would have been $59.1 billion, or about $6.7 million per year. hour.

Elsewhere, Exxon saw its cash flow from operations jump to $76.8 billion in 2022 from $48.1 billion a year earlier. Likewise, Exxon's revenue increased to $95.43 billion from $84.97 billion a year earlier, but missed the estimate of $97.34 billion.

Production, at the same time, increased by 100 thousand barrels of oil and gas per day and reached 3.8 million barrels. Spending on new energy projects, at the same time, rose 37% to $22.7 billion.

With the exception of Exxon, all companies in the sector recorded an equally large improvement in profitability, with combined profits close to $200 billion, thanks to high oil prices and a recovery in demand.

The White House expressed outrage at Exxon's record profits in 2022. In a statement released by the White House, it expressed dismay at the company's profit margin, noting that Americans paid high prices at the pump.

...The latest earnings reports make it clear that oil companies have everything they need, including record profits and thousands of unused but approved allowances to increase production, but choose to use those profits to line the pockets of executives and shareholders. them, while House Republicans are making one excuse after another to shield them from liability, says the White House.

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