The Clap
Exxon Mobil (NYSE: XOM) recorded sky-high profits in Q3 2022.
The Deets
Exxon recorded a whopping $19.66 billion profit during Q3, as oil companies received a major boost from rising oil prices.
Profit Jump
Exxon benefited greatly from rising demand for energy matched with low supply due to the Russia-Ukraine war.
The war allowed US exports of oil to Europe to rise, driving the industry towards huge profits.
Exxon’s investments paid off when they took the decision to double down on oil when prices were low. Exxon leapfrogged other major oil companies, recording record gains during the quarter.
So What
Exxon’s stock rose around 2.7% following the news.
Now What
Exxon will continue its $30 billion share buyback program and increase dividends during 2023 on the back of a profitable quarter.
