Unprecedented profit for Exxon as travel, and war, heated up

By CATHY BUSSEWITZ
AP Energy Writer

NEW YORK (AP) — Exxon Mobil posted record annual profits in 2022 as consumers globally struggled with high prices for gasoline, home heating and consumer goods. The energy giant brought in $55.7 billion in annual profits. That exceeded its previous record of $45.22 billion in 2008. Exxon’s bounty came as Americans shelled out $4 per gallon for gasoline in the U.S. during the spring and summer. Oil and natural gas prices surged globally after Russia invaded Ukraine and reduced its supply of energy to Europe. The record profits were a marked turnaround from two years ago, when the coronavirus pandemic hit and travel ground to a halt, killing demand for fuels.