Exxon earns record profits in 2022 with surge in energy prices

Exxon Mobil

Much of the nation's refining capacity taken offline during the pandemic has yet to return, Woods said during a conference call with investors, which drove refining margins higher."We’ve continued to strengthen our industry-leading portfolio and increased production from high-return, advantaged assets in Guyana and the Permian, at a time when the world needed it most," Woods said.

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. The European Union imposed a windfall tax on energy companies last fall, and Exxon filed a lawsuit challenging the tax in December.

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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. Shameful gouging but No reprisals — no fear — us foolish lemmings will continue to allow the inevitable and pay and pay more. One day we might get a President that stops unscrupulous business practices BEFORE WE ALL GO HOMELESS!
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