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Exxon Mobil Reaches Record Profits of around $58 Billion in 2022
Exxon Mobil Reaches Record Profits of around $58 Billion in 2022

Exxon Mobil Reaches Record Profits of around $58 Billion in 2022

  • 05-Jan-2023 12:54 PM
  • Journalist: Gabreilla Figueroa

Texas (USA): Exxon Mobil Corp is set to bring in a record annual profit in 2022, signaling strong operational profits of around $ 15.4 billion in its fourth quarter. The world's largest US oil producer reported some cooling compared to its massive profits of the previous quarters, but initial operational results inspired confidence that this will be Exxon's most profitable year yet. Formal earnings are due on Jan. 31, giving investors high hopes for what is likely to be an impressive result.

Exxon Mobil Corp saw a decrease in its largest business sector, upstream production of oil and gas, as energy prices fell from the record $ 12.4 billion it reported in the third quarter to about $ 2.3 billion in the fourth quarter. The company's gasoline and diesel businesses made approximately $ 4.9 billion in profit, a slight ease from summer highs. Profits from chemicals dropped to roughly $300 million as we know company is producing number of chemicals such as Polypropylene, Polyethylene etc., while motor oils stayed steady at around $800 million.

Exxon Mobil Corp is set to exceed its previous record in profits, with operating profits excluding impairments at around $ 15.4 billion. This figure overshadows the $45 billion reached in 2008, when oil prices were at their peak of $142 a barrel. Through the second and third quarters of 2021, Exxon achieved successive record profits. International oil and gas prices pushed all major oil producers to new highs last year, with Exxon benefiting most due to its focus on oil in spite of the pandemic, leading its shares to soar by 80% during 2022 and outperforming rival companies.

Despite oil prices reaching record highs throughout 2021, the fourth quarter saw a decrease. Brent futures dropped from nearly $140 a barrel in March to close at $ 77.17 by the end of the year. Global gas markets, however, ended 2022 on an upbeat note with US gas futures increasing by over 20%.

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