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.
But he also gave his company credit for being able to take advantage of those prices."We leaned in when others leaned out," he said.The high profits have also revived perennial conversations about how much profit ismuch profit for an oil company — especially as urgency over the need to slow climate change is mounting around the world.Exxon's blockbuster earnings, announced Monday, will likely lead to more political pressure from the White House.
In 2020, when the pandemic triggered a crash in oil prices, energy companies took huge losses. Exxon recorded an annual loss of $22 billion, its first loss in decades. It was, humiliatingly,A tiny upstart investor group called Engine No. 1 challenged Exxon's management, accusing the company of not moving fast enough to adjust to a world preparing to reduce its use of oil.
on energy companies, clawing back 33% of"surplus profits" from oil and gas companies to redistribute to households.Alex WongPresident Biden delivers remarks on energy as Secretary of Energy Jennifer Granholm listens during an event in the Roosevelt Room of the White House in Washington, D.C., on Oct. 19, 2022.
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