Exxon Mobil shares rise after record business results in 2022
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.