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Exxon announced record earnings. It's bound to renew scrutiny of Big Oil

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Exxon earned nearly $56 billion in profit last year, the biggest annual profit any Western oil company has ever seen. Chevron set its own record with $35 billion in profit.

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

 

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Exxon smashes Western oil majors' earnings record with $56 billion profit for 2022Exxon Mobil Corp posted a $56 billion 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. 38 years of criminal lawlessness Well that is interesting. Prior to slamming them, I would want to know what the running average is as the news never reports their losses? I'm so glad all that gain sharing will trickle down to all their employees...
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