Exxon profits at record high in 2022 as energy prices soared

NEW YORK (AP) — Exxon Mobil posted record annual profits in 2022 as Americans struggled with high prices for gasoline, home heating and consumer goods.

The oil giant brought in $12.75 billion in profits in the fourth quarter, bringing annual profits to $55.7 billion. That exceeded Exxon's previous annual record of $45.22 billion in annual profits Exxon set in 2008, when a barrel of oil soared close to $150.

The Irving, Texas, company brought in $95.43 billion in revenue during the fourth quarter.

Exxon said it achieved its best-ever annual refining throughput in North America and the highest globally since 2012.

Exxon earned $3.09 per share in the quarter.

The price of oil ranged between $70 to $90 for a barrel of U.S. benchmark crude during the quarter. Domestic natural gas prices, which affect the cost of home energy and electricity , ranged from $6 to $7 per million British thermal units during the quarter, according to FactSet, which was higher than in recent years.

Since Russia invaded Ukraine, Russia’s decreased its supply of natural gas to Europe, which resulted in higher prices of natural gas and its liquid counterpart, LNG, on the global market.

President Joe Biden has accused oil companies of profiting from the war Russia waged on Ukraine, and has previously raised the possibility of a war profit tax on oil companies.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research.