ExxonMobil reported profits record by $55.7 billion in 2022, highlighting the windfall for the oil majors following Russia’s invasion of Ukraine, despite a slowdown in the fourth quarter as fossil fuel prices retreated from recent highs.
Oil giant ExxonMobil ended 2022 with $12.75 billion in fourth-quarter profit, missing Wall Street expectations by $13.7 billion, according to analyst estimates compiled by S&P Capital IQ.
The company also claimed $1.3 billion tied up, in part, to unforeseen taxes in Europe. While ExxonMobil is filing a lawsuit against the European Union over the tax, claiming the blockade has exceeded its legal authority, according to the Financial Times, which has been seen by Al Arabiya.net.
Although the fourth quarter was one of the company’s most profitable periods in absolute, has decreased dramatically compared to record of $19.7 billion generated in the third quarter, a sign of slowing earnings growth at the oil giants in recent months as oil prices plummet. reaching levels record last summer.
Chief Executive Officer Darren Woods said the company was “taking advantage of a favorable market” and repaid the investments the company made during the pandemic, even as the industry was suffering huge losses, to help deliver “best-in-class financial and operational results.” forefront and shareholder returns in 2022.”
On the other hand, Exxon’s US competitor Chevron announced its profit on Friday record in 2022 by $35.5 billion, taking the US oil giants’ combined profits for last year to an all-time high of more than $91 billion in the past, surpassing the previous peak of $71 billion in 2012.
Exxon said it spent last year in capital and exploration was $22.7 billion and the company also reported that it increased production by more than 30%. in two high-growth regions, namely “Offshore Guyana” and the “Permian” oilfield, in Texas and New York, Mexico, respectively. He also claimed to have produced more fuel than ever from his North American refineries.
In December, Exxon said it would spend $50 billion in share buybacks between 2022 and 2024, including up to $35 billion questyear and next.
Meanwhile, ExxonMobil shares rose nearly 50% last year, outpacing its major oil peers and outpacing the broader S&P 500 index’s decline of 11% during the period.
Read More About: World News
You must log in to post a comment.