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Exxon smashes Western oil majors' profits with $56 billion in 2022 - Reuters

Exxon smashes Western oil majors' profits with $56 billion in 2022 - Reuters

Exxon smashes Western oil majors' profits with $56 billion in 2022 - Reuters
Jan 31, 2023 55 secs

Oil majors are expected to break their own annual records on high prices and soaring demand, pushing their combined take to near$200 billion.

Exxon said it incurred a $1.3 billion hit to its fourth-quarter earnings from a European Union windfall tax that began in the final quarter and from asset impairments.

"It’s a headline beat," Biraj Borkhataria from RBC Capital said in a note, despite lower chemical margins, lower-than- expected downstream gains and plans for higher maintenance works in refineries this quarter.

"Having a really strong balance sheet is a competitive advantage for us," Mikells said, adding that it allows the company to wait for potential acquisition opportunities and sustain its dividend program intact even if energy prices eventually fall.

Exxon posted $12.8 billion in fourth-quarter net profit excluding charges, 44% more than the same period last year but down 35% from the previous quarter as oil prices eased and some operations suffered from cold-weather-related outages.

"The counter-cyclical investments we made before and during the pandemic provided the energy and products people needed as economies began recovering," Exxon Chief Executive Officer Darren Woods said in a statement.

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