Exxon Mobil’s stock rose during trading today, Tuesday, after the American energy company announced strong business results for the past year.
And the company revealed profits of $ 55.7 billion for the year 2022, in a record amount for the profits of any giant Western oil company at all.
Exxon said today that it generated $55.7 billion in profit and $76.8 billion in cash flow from operating activities in 2022 “by leveraging a distinctive portfolio and delivering strong operating performance.”
Higher oil and gas prices were the main reasons for higher profits at Exxon, which surpassed its record annual profit of $45.2 billion from 2008 – when oil prices hit a record $142 a barrel – and posted the highest annual profit ever.
In the full-year financial highlight, ExxonMobil indicated that its liquidity increased by $22.9 billion in 2022 with free cash flow of $62.1 billion.
Distributions to shareholders totaled $29.8 billion, including $14.9 billion in dividends and $14.9 billion from share repurchases. Exxon also increased and expanded its share buyback program with up to $35 billion in cumulative share buybacks in 2023-2024.
Exxon’s record earnings follow Friday’s earnings announcement by Chevron Corp., which posted its highest annual profit ever as its adjusted earnings for the past year more than doubled from 2021 to $36.5 billion on the back of higher oil and gas prices. Standard American prices and production
In terms of trading, “Exxon Mobil” shares rose, at 18:00 GMT, by 1.5%, to $115.3.