Gas prices are displayed at a Mobil gas station in Los Angeles on Oct. 28, 2022. ExxonMobil posted record earnings in 2022, benefitting from a surge in oil prices.
Energy companies have been reporting blockbuster profits since last year, after Russia's invasion of Ukraine sent oil prices sharply higher."Of course, our results clearly benefited from a favorable market," CEO Darren Woods told analysts, nodding to high crude prices for much of 2022. Last year, between dividends and share buybacks, Exxon returned $30 million to shareholders, while Chevron paid out more than $22 billion. Exxon plans to hold production flat in 2023, while Chevron plans to increase production by 0 to 3%.If you do the math, Exxon made some $6.3 million in profit every hour last year — more than $100,000 every minute.
Those accusations have become especially charged because Russia's invasion of Ukraine were central to the drive-up in crude oil prices last year. Europe has
Apple and Microsoft made more money than Exxon.
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