ExxonMobil announced its balance sheet for October-December 2022.
Accordingly, the company’s profit increased by approximately 44 percent in the last quarter of last year compared to the same period of the previous year, reaching $12.8 billion.
In 2022, ExxonMobil’s profit doubled compared to the previous year to $55.7 billion. The company’s profit was recorded as $23 billion in 2021.
The profit of the US energy company reached a record level last year due to the increase in energy prices.
ExxonMobil’s profits last year exceeded the previous record of $45.2 billion in annual profits set in 2008, when oil prices approached $150 a barrel.
“While our results clearly benefited from a positive market, our countercyclical investments before and during the pandemic provided the energy and products people need as economies begin to recover and supplies contract,” said Darren Woods, ExxonMobil CEO, on the company’s financial results. made its assessment.
Oil and natural gas prices around the world had increased as a result of the war started by Russia in Ukraine last year and the increasing demands of global economies due to the post-pandemic recovery.
The average price of gasoline in the US rose to $5 per gallon for the first time last year, driven by rising oil prices. US President Joe Biden accused oil companies of profiting from Russia’s war in Ukraine.