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.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.
In 2020, ExxonMobil was kicked out of the Dow index while its stock languished during the coronavirus crisis, which dented petroleum demand. At the time, the company was criticized for taking on more debt than rivals.
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