(TotalConservative.com) – Exxon is reporting record profits as their fourth quarter numbers from 2022 are becoming available. The company achieved annual profits of $55.7 billion from its revenue of $95.4 billion. This beats their previous record from 2008 by almost $10 billion. While most Americans are struggling with inflating costs across the board, Exxon attributed its success to restricted supplies and high demand.
CEO Darren Woods attributed the company’s profits to making the right investments in years past which allowed them to meet market demand during and after the pandemic. They expanded their Beaumont Refinery in Texas, anticipating the ability to process an additional 250,000 barrels per day in the first quarter of 2023.
Exxon’s stock price jumped $3.09 in the final quarter of 2022, a slight decrease from its anticipated gain of $3.29 from the financial wizards at Factset. The price of oil has varied between $70 to $90 in the same time period. Domestic costs for natural gas were also inflated when compared to previous years.
One of the key factors impacting the cost of energy around the world is the ongoing Ukrainian war with Russia, which simultaneously decreased Russian energy exports while increasing demand to power diesel vehicles and troop transports. President Biden likes to blame oil companies for the soaring cost of energy as opposed to taking any responsibility for his party and his leadership and the political choices he’s made.
Last October, he went so far as to accuse oil companies of “war profiteering” while threatening the energy industry with new taxes. He specifically called out Exxon who dished out their record profits to shareholders and authorized stock buybacks while accusing them of failing to invest in infrastructure that would lower consumer costs.
“Their profits are a windfall of war, a windfall for the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe,” he said without any awareness of how his own actions have seriously contributed to the cause.
Copyright 2023, TotalConservative.com