Exxon smashes Western oil majors’ earnings file with $59 billion revenue

By Sabrina Valle

HOUSTON (Reuters) – Exxon Mobil Corp posted $59 billion in adjusted revenue for 2022, the corporate stated on Tuesday, taking dwelling greater than $6.7 million per hour final yr, and setting not solely an organization file however a historic excessive for the Western oil trade.

Oil majors are anticipated to interrupt their very own annual information on excessive costs and hovering demand, pushing their mixed take to close $200 billion. The size has renewed criticism of the oil trade and sparked requires extra international locations to levy windfall revenue taxes on the businesses.

Exxon’s outcomes far exceeded the then-record $45.2 billion internet revenue it reported in 2008, when oil hit $142 per barrel, 30% above final yr’s common worth. Deep value cuts throughout the pandemic helped supercharge final yr’s earnings.

“Total earnings and cashflow had been up fairly considerably yr on yr,” Exxon Chief Monetary Officer Kathryn Mikells advised Reuters. “In order that got here actually from a mixture of robust markets, robust throughput, robust manufacturing, and actually good value management.”

Exxon stated it incurred a $1.3 billion hit to its fourth quarter earnings from a European Union windfall tax that started within the ultimate quarter and from asset impairments. The corporate is suing the EU, arguing the levy exceeds its authorized authority.


The outcomes could arrange one other confrontation with the White Home. On Friday, President Joe Biden’s administration blasted oil corporations for pouring money into shareholder payouts relatively than manufacturing.

Exxon boasted its money movement from operations soared to $76.8 billion final yr, up from $48.1 billion in 2021.

Windfall revenue taxes are “illegal and dangerous coverage,” countered Mikells. Slapping new taxes on oil earnings “has the alternative impact of what you are attempting to realize,” she stated, including it will discourage new oil and fuel manufacturing.

Exxon posted $14 billion in fourth quarter revenue excluding expenses, 60% greater than the identical interval final yr however down nearly 25% from the earlier quarter as oil costs eased and a few operations suffered from cold-weather associated outages.

Adjusted fourth quarter per share revenue was $3.09 per share, under the $3.32 per share forecast by Zacks Monetary.


Exxon’s spending on new oil and fuel initiatives bounced again final yr to $22.7 billion, up 37% from the prior yr. The corporate elevated outlays on discoveries in Guyana, within the high U.S. shale subject, and on gasoline refining and chemical substances.

“The counter-cyclical investments we made earlier than and throughout the pandemic supplied the power and merchandise individuals wanted as economies started recovering,” Exxon Chief Government Officer Darren Woods stated in an announcement.

Its outcomes come forward of what are anticipated to be robust earnings from Shell plc on Thursday and from BP plc and TotalEnergies subsequent week.

Together with expenses, revenue for the total yr was $55.74 billion.

(Reporting by Sabrina Valle; Modifying by Christian Schmollinger)

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