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Record profits in 2022 amid high gas prices, war

An Exxon sign hangs at a gas station on January 31, 2023 in Miami, Florida. Exxon Mobil Corp. reported its highest-ever annual profit last year of $55.7 billion.
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In a year where households worldwide faced rising energy prices and high costs of consumer goods, Exxon Mobil saw record annual profits in 2022.

According to yearly earnings released on Tuesday, Exxon brought in $55.7 billion in annual profits for 2022 – more than doubling the energy giant’s $23 billion in profits seen in 2021.

The $55.7 billion that Exxon earned in 2022 also exceeds its previous record of $45.22 billion in 2008, when a barrel of oil climbed close to $150.

“While our results clearly benefited from a favorable market, the counter-cyclical investments we made before and during the pandemic provided the energy and products people needed as economies began recovering and supplies became tight,” Exxon CEO Darren Woods said in a statement. “We leaned in when others leaned out.”

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