Record profit for oil giant Exxon

While Exxon Mobil announced a profit of 59 billion dollars for 2022; Earning more than $6.7 million per hour, the company made a record profit not only for itself but also for Western oil companies.

While the balance sheets of the oil giants are expected to break records this year thanks to price increases and increased demand, the entire industry is forecast to turn a profit of roughly $200 billion. While high profits strengthen criticism against the oil sector; It has also increased calls for a single tax on oil companies in more countries.

Exxon posted a record profit of $45.2 billion in 2008 as oil prices rose to $142 a barrel, 30% above the 2022 average. While the company broke a new record with its 2022 earnings, Broad cost cuts implemented during the coronavirus epidemic were among the factors that supported last year’s earnings.

‘THANKS TO THE STRONG FORMATION OF MARKETS’

Exxon’s chief financial officer, Kathryn Mikells, told Reuters: “Our earnings and cash flow are up quite a bit compared to last year. This was possible thanks to a combination of strong markets, solid production and good cost control.”

Exxon, the European Union (EU) in the fourth quarter of last year, one-time taxes and the decline in asset value, the negative impact of fourth-quarter earnings is $ 1.3 billion. The company filed a lawsuit against the EU on the grounds that the single tax applied exceeded the legal limit. (Reuters)