(MENAFN) ExxonMobil, a major United States oil giant, reported on Tuesday that its profits for the previous year totaled USD55.7 billion. The amount was a record high for Exxon; its previous best was USD45.2 billion in 2008, when the price of a barrel of oil was close to USD150, or around 30 percent more than it would be in the last year on average.
According to corporation CEO Darren Woods, earnings increased as a result of tight energy supplies and rebounding post-Covid-19 demand.
Woods claimed that “while our results clearly benefited from a favorable market, the counter-cyclical investments we made before and during the pandemic provided the energy and products people needed as economies began recovering and supplies became tight. We leaned in when others leaned out.”
The corporation’s production increased to 3.8 million bpd from 3.8 million bpd in 2021, up around 100,000 barrels of oil and gas equivalent per day (bpd).
Although Exxon's fellow major competitors BP, Chevron, Shell, and TotalEnergies have not yet released their last year results, their earnings are thought to be a record high for the Western oil sector. The five supermajors are anticipated to post a combined profit of about USD200 billion for the last year as a result of the rises in energy prices last year, according to a new assessment by Refinitiv analysts.
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