Exxon profits at record high in 2022 as energy prices soared

By CATHY BUSSEWITZ
AP Energy Writer

NEW YORK (AP) — Exxon Mobil posted record annual profits for 2022, as Americans struggled with high prices for gasoline, home heating and consumer goods. The oil giant brought in $8.76 billion in profits in the fourth quarter, bringing its annual profits to $55.7 billion. Since Russia invaded Ukraine, Russia’s decreased its supply of natural gas to Europe. That resulted in higher prices of natural gas and its liquid counterpart, LNG, on the global market. President Joe Biden has accused oil companies of profiting from the war Russia waged on Ukraine, and has previously raised the possibility of a war profit tax on oil companies.