Exxons record profits irritate White House in energy blame game

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Canary CEO Dan Eberhart discusses rising US oil and gas prices and the impact of Biden’s energy program on ‘Varney & Co’.

Biden administration expresses displeasure over ExxonMobil’s record earnings.

After raking in just $23 billion in 2021, Exxon hit a record year in 2022 after generating $55.7 billion in profit,

Revenue reached $413.7 billion from $285.6 billion a year ago.

“It is outrageous that Exxon has set a new record high for Western oil company profits after the American people were forced to pay such high prices at the pumps amid Putin’s invasion,” Abdullah Hassan said. , Deputy White House Press Secretary.

“The latest earnings reports make it clear that oil companies have everything they need, including record profits and thousands of unused but approved permits, to increase production, but they are instead choosing to spend those profits filling the pockets of executives and shareholders while House Republicans fabricate excuse after excuse to shield them from accountability,” Hassan said.

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The ExxonMobil Baton Rouge refinery in Louisiana, May 15, 2021. (Reuters/Kathleen Flynn/Reuters Photos)

Following inquiries from FOX Business, a company spokesperson highlighted Exxon’s response to the White House statement in a tweet touting the oil producer’s production at global and North American refineries.

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Exxon posted a profit of $12.8 billion in the fourth quarter, compared with $8.9 billion previously. Revenues fell from $85 billion to $95.4 billion.

Capital and exploration spending reached $7.5 billion in the fourth quarter, bringing investments for the year 2022 to $22.7 billion.

The company declared a dividend of $0.91 per share for the first quarter, payable March 10 to shareholders of record at the close of business on February 14, 2023.

During the month, Exxon shares rose about 8% after climbing nearly 5% year-to-date and about 40% last year.

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Security ticker Last modified Modification %XOM EXXON MOBIL CORP. 115.98 +2.38 +2.09%

Meanwhile, gasoline prices have remained above the national average for the past six years and peaked at $4.99 per gallon on June 16, 2022. They now sit at $3.49 per gallon.

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Reuters contributed to this report.

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