Exxon Mobil posted record annual profits in 2022 as Americans struggled with high prices for gasoline, home heating and consumer goods.
A tanker pulls into an ExxonMobil fuel storage and distribution facility in Irving, Texas, Wednesday, Jan. 25, 2023. ExxonMobil reports their earnings Tuesday, Jan. 31. –
“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,” said CEO Darren Woods. “We leaned in when others leaned out.” Exxon earned $3.09 per share in the quarter. That was lower than the expectations of analysts polled by Factset, who were anticipating $3.29 per share.
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.
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