Biden administration displeasure about ExxonMobil's record profit

The Biden administration is displeasure about ExxonMobil's record profit.

After pulling in just $23 billion in 2021, Exxon went to a record year in 2022 after making $55.7 billion in earnings.

It is outrageous that Exxon has posted a new record for Western oil company profits after the American people were forced to pay such high prices at the pump amid Putin's invasion, said Abdullah Hassan, White House assistant press secretary.

The latest earnings reports show that the oil companies have everything they need, including record profits and thousands of unused but approved permits, to increase production, but they are instead choosing to plow profits into padding the pockets of executives and shareholders while House Republicans make excuse after excuse to shield them from accountability, Hassan said.

Exxon posted $12.8 billion in fourth quarter earnings, up from $8.9 billion. Revenue rose to $95.4 billion from $85 billion.

Capital and exploration expenditures reached $7.5 billion in the fourth quarter, bringing full-year 2022 investments to $22.7 billion.

The company declared a first-quarter dividend of $0.91 per share, payable to shareholders of record at the close of business on February 14, 2023.

The shares of Exxon have gone up roughly 8% over the month after climbing nearly 5% year-to-date and around 40% the last year.

Gas prices have remained above the national average for the last six years, and peaked at $4.99 per gallon on June 16, 2022, according to a report by the National Bureau of Investigation. They are now at $3.49 per gallon.