ExxonMobil Reports Record Profits Of $55.7 Bn In 2022

New York, Feb 1 (UrduPoint / Pakistan Point News - 1st Feb, 2023 ) :ExxonMobil reported record annual profits of $55.7 billion in 2022 on Tuesday, reflecting higher commodity prices amid recovering demand and the impacts of Russia's invasion of Ukraine.

In the fourth quarter, profits rose 43.7 percent to $12.8 billion, thanks to higher oil and natural gas prices and better refining margins compared with the year-ago period.

Revenues from October through December rose 12.3 percent to $95.4 billion.

The results reflect slightly higher production of oil and natural gas in 2022 that chief executive Darren Woods said reflected ExxonMobil's investments prior to the Covid-19 pandemic.

"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," Woods said.

"We leaned in when others leaned out."