The Exxon Mobil Corporation has announced that its earnings for the year ending 2022, increased by a staggering US$32.7 Billion , taking its full-year earnings last year to US$55.7 billion compared with $23 billion in 2021.
The company said its fourth quarter earnings for 2022 was $12.8 billion while its Capital and exploration expenditures were $7.5 billion in the fourth quarter, bringing full-year 2022 investments to $22.7 billion, consistent with its guidance.
“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. We learned in when others leaned out. Our plan for 2023 calls for further progress on our strategic objectives, which include leading the industry in safety, operating, and financial performance. We will continue to invest in our advantaged projects to deliver profitable growth, help meet society’s growing needs, and reduce emissions in our operations, while providing innovative solutions that help others reduce theirs”, the company Chairman and CEO, Darren Woods was quoted as saying.
The Chairman said the hard work and commitment of its staff has enabled the company deliver industry-leading operating and financial results and shareholder returns in 2022.
The Company said that there were also factors impacting its positive results such a price and margin improvements driven by recovering demand and tight supply and the favorable mark-to-market impact.
The Company said its oil-equivalent production grew by about 170,000 barrels per day from continued investment in advantaged growth projects in its Permian and Guyana basins.
Production in the Permian grew about 90,000 oil-equivalent barrels per day and Guyana production grew about 70,000 oil-equivalent barrels per day with Liza Phase 2 starting up ahead of schedule and both Liza Phase 1 and 2 producing above the investment basis, the company said.
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