Exxon raked in over $12 billion in profits to raise its annual net income to a staggering $55.7 billion.
Exxon Mobil
Much of the nation's refining capacity taken offline during the pandemic has yet to return, Woods said during a conference call with investors, which drove refining margins higher."We’ve continued to strengthen our industry-leading portfolio and increased production from high-return, advantaged assets in Guyana and the Permian, at a time when the world needed it most," Woods said.
Since Russia invaded Ukraine, Russia’s decreased its supply of natural gas to Europe, which resulted in higher prices of natural gas and its liquid counterpart, LNG, on the global market. The European Union imposed a windfall tax on energy companies last fall, and Exxon filed a lawsuit challenging the tax in December.
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