How ExxonMobil earned $6.3 bn/hour, $153 m/day, $56 bn profit in 2022
Sopuruchi Onwuka
By controlling cost and taking full advantage of strong demand and high market prices, American multinational oil firm, ExxonMobil, posted annual profit of $56 billion in 2022.
The company’s financial performance in the year translates to average daily profit of $153 million or hourly profit of $6.3 million in 2022.
Exxon boasted that its cash flow from operations soared to $76.8 billion last year, up from $48.1 billion in 2021.
The development came as the international supermajors defied the hyped global sentiments against petroleum energy to collectively post about $200 billion profit in the year or $550 million daily in 2022.
Production was estimated at 3.8 million bpd in the period.
ExxonMobil Corporation has always been an industry profit champion, and with the 2022 performance displaced its own record and set a new record for private multinational firms in the industry. The company had in 2008 established a record profit of $45.2 billion net profit it reported in 2008.
Chief Financial Officer, Kathryn Mikells, explains that the company’s “overall earnings and cashflow were up pretty significantly year on year,” in response to a combination of strong markets, strong throughput, strong production, and really good cost control.
ExxonMobil stated that profit for the full year was $59.1 billion excluding charges. The company said it was slammed with $1.3 billion European Union windfall tax on its fourth-quarter earnings and from asset impairments.
The company is suing the EU, arguing that the levy exceeds its legal authority. And Mikells stated that windfall profit taxes are “unlawful and bad policy,” adding that it would discourage new oil and gas production.
Its results come ahead of what are expected to be strong earnings from Shell plc on Thursday and from BP plc and TotalEnergies next week.
