Exxon Mobil (NYSE:XOM) reported a net profit of $56 billion in 2022, a new record for the company and the entire Western oil industry.
The oil industry had a fruitful 2022, with oil prices surging to new during the year due to several economic and political factors such as the European energy crisis and the Russia-Ukraine war.
Exxon is not the only oil company expected to bring in record profits, with the industry as a whole expected to have earned around $200 billion during the year.
Following the news, Exxon’s shares are up by more than 2%.
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