(AP) Exxon Mobil posted record annual profits in 2022 as Americans struggled with high prices for gasoline, home heating and consumer goods.
The oil giant brought in $12.75 billion in profits in the fourth quarter, bringing annual net income to $55.7 billion. That exceeds Exxon's previous record of $45.22 billion in 2008, when a barrel of oil soared close to $150.
Revenue was $95.43 billion.
Recovering demand and tight energy supplies helped boost profit, the Irving, Texas, company said.
“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,” said CEO Darren Woods. “We leaned in when others leaned out.”
Exxon achieved its best-ever annual refining throughput in North America and the highest globally since 2012, the company said. It mechanically completed the expansion of its Beaumont Refinery in Texas and expects to bring 250,000 barrels per day of crude oil distillation capacity to the market in first quarter of this year.
Much of the nation's refining capacity taken offline during the pandemic has yet to return, Woods said during a conference call with investors, which drove refining margins higher.
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