News Formal

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

  • 📰 KPBSnews
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 63%

United States News News

United States United States Latest News,United States United States Headlines

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

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Apple and Microsoft made more money than Exxon.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 240. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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...
Source: Reuters - 🏆 2. / 97 Read more »

Exxon smashes Western oil majors' earnings record with $59 billion profit By Reuters⚠️BREAKING: *EXXON SHARES SLUMP AS Q4 REVENUE LAGS WALL STREET ESTIMATES DESPITE RECORD $59 BILLION PROFIT - $XOM 💥
Source: Investingcom - 🏆 450. / 53 Read more »