In a year when U.S. gasoline prices surged, Exxon Mobil in 2022 took in an astronomical $56 billion in profit - setting not only a company record, but a historic high for the Western oil industry $XOM
Exxon said it incurred a $1.3 billion hit to its fourth-quarter earnings from a European Union windfall tax that began in the final quarter and from asset impairments. The company isExcluding charges, profit for the full year was $59.1 billion. Production was up by about 100,000 barrels of oil and gas per day over a year ago to 3.8 million bpd. Adjusted per-share profit of $3.40 beat consensus of $3.29 per share, according to Refinitiv data.
Exxon boasted that its cash flow from operations soared to $76.8 billion last year, up from $48.1 billion in 2021. And it decided to hold $30 billion in cash balance. The company said it learned from the pandemic, when it found itself empty handed and raised debt to pay dividends to shareholders. Exxon posted $12.8 billion in fourth-quarter net profit excluding charges, 44% more than the same period last year but down 35% from the previous quarter as oil prices eased and some operations suffered from cold-weather-related outages.Exxon's spending on new oil and gas projects bounced back last year to $22.7 billion, up 37% from the prior year. The company increased outlays on discoveries in Guyana, in the top U.S. shale field, and on fuel refining and chemicals.
Investments can go up to $25 billion this year, Woods said. Part of it is explained by rising costs in the Permian, with inflation in the double digits, amid "really, really hot" demand for equipments and services, he said.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
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.
Baca lebih lajut »
Exxon profits at record high in 2022 as energy prices soaredExxon Mobil posted record annual profits for 2022, as Americans struggled with high prices for gasoline, home heating and consumer goods.
Baca lebih lajut »
Exxon earns record profits in 2022 with surge in energy pricesExxon raked in over $12 billion in profits to raise its annual net income to a staggering $55.7 billion.
Baca lebih lajut »
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
Baca lebih lajut »
Exxon Vaults to Record Annual Profit of $55.7 BillionExxon Mobil posted a record annual profit of $55.7 billion, riding high oil prices to resurrect its status as one of America’s most profitable companies
Baca lebih lajut »
Exxon soars to record annual profit as analyst calls Permian Basin 'key part' of growthThe oil company reported record annual earnings of $55.7 billion for 2022 in its quarterly results.
Baca lebih lajut »