Exxon Mobil Stock ( NYSE:XOM )
On Tuesday, Exxon Mobil Corp. ( NYSE:XOM ) announced a net profit of $56 billion for 2022, which works out to roughly $6.3 million per hour and is not only a business record but also an all-time high for the Western oil sector. As result, Exxon Mobil stock surged.
High prices and surging demand will likely drive oil majors’ total earnings to close to $200 billion this year, a record for a single year. The magnitude of it has reignited criticism of the oil business and prompted proposals for other nations to impose windfall profit taxes on the firms.
When oil reached $142/barrel in 2008, 30% over the previous year’s average, Exxon announced a record net profit of $45.2 billion. This year’s profits have well surpassed that. Last year’s profits would have been far lower if not for the severe budget cutbacks made during the epidemic.
Exxon’s CFO Kathryn Mikells told Reuters, “Overall profits and cash flow were increased dramatically year over year.” That result was a result of “strong markets,” “strong throughput,” “strong production,” and “very outstanding cost management,” as the author puts it.
The company said that the European Union windfall tax that went into effect in the fourth quarter and asset impairments reduced Exxon’s profits by $1.3 billion. The corporation has filed suit against the European Union because the tax is unconstitutional.
The annual profit was $59.1 billion before taxes and other expenses. Oil and gas output rose to 3.8 milli...
Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:
- Featured News RSS feed
- Investing News RSS feed
- Daily Press Releases RSS feed
- Trading Tips RSS feed
- Investing Videos RSS feed
Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube