Preliminary operational results confirmed 2022 was Exxon’s best financial year with profits of around US$58bil (RM255.3bil). — Reuters
HOUSTON: Exxon Mobil Corp signalled another strong operational profit of about US$15.4bil (RM67.8bil) in its fourth quarter, pushing it toward a record profit for all of 2022.
The largest US oil producer indicated in a securities filing a cooling from its massive profits from the prior quarters.
But preliminary operational results confirmed 2022 was Exxon’s best financial year with profits of around US$58bil (RM255.3bil).
Formal earnings are due on Jan 31.
Operational results from pumping oil and gas, its largest business, retreated about US$2.3bil (RM10.1bil) due to lower energy prices from the record US$12.4bil (RM54.6bil) the upstream business delivered in the third quarter.
The petrol and diesel business delivered about US$4.9bil (RM21.6bil) of profit in the quarter as fuel prices eased from summer highs. Chemical profits decreased to about US$300mil (RM1.32bil), while motor oils profits were unchanged at about US$800mil (RM3.52bil).
The about US$15.4bil (RM67.8bil) in operating profits excluding impairments indicates annual results will far exceed the record US$45bil (RM198bil) Exxon posted in 2008, when oil prices peaked at US$142 (RM625) per barrel. The company posted back to back record profits in the second and third quarters last year.
High international oil and natural gas prices last year generated record earnings among all oil majors.
Exxon benefited the most after doubling down on oil during the pandemic as European rivals shifted to renewable energy projects.
Its shares jumped 80% in 2022, outrunning rivals.
Sky-high oil prices that fuelled gains for most of the year eased in the final quarter. Brent futures closed 2022 at US$77.17 (RM340) a barrel, after hitting nearly US$140 (RM616) a barrel in March.
Global gas markets, on the other hand, ended 2022 with strong gains. — Reuters
