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Date : December 7, 2022
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Oil giant Exxon rakes in a record $19.66B in profits

Oil giant Exxon rakes in a record $19.66B in profits

Exxon Mobil broke records again with its profits in the third quarter, raking in $19.66 billion in net income.

The Irving, Texas company said Friday that it booked $112.07 billion in revenue during the quarter, more than double revenue last year during the same period.

Americans have struggled with painfully high gasoline prices in recent months, paying more than $4.80 on average for a gallon of regular at the beginning of July. Prices eased somewhat towards the end of the quarter, but customers were still paying more than $3.79 a gallon of regular, on average, in late September.

“Our strong third-quarter results reflect the hard work of our people to invest in and build businesses critical to meeting the demand we see today,” said CEO Darren Woods, in a statement. “We all understand how important our role is in producing the energy and products the world needs, and third-quarter results reflect our commitment to that objective.”

Natural gas prices have also been high, especially as demand for liquefied natural gas has remained strong globally. The U.S. has been increasingly exporting liquefied natural gas to Asia and Europe, as supply of Russian natural gas declined and prices skyrocketed.

Oil prices were initially high during the quarter but fell gradually. A barrel of benchmark U.S. crude was selling for more than $100 a barrel when the quarter began in July but was selling for closer to $80 a barrel at the end of September.

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