Exxon Predicts Fourth-quarter And Year Records

Exxon Mobil anticipated a fourth-quarter operating profit of $15.4 billion, putting it on track for a record-setting year-end profit in 2022.

The top U.S. oil producer disclosed lower profits to the SEC. Exxon's best fiscal year was 2022, with $58 billion in profits.

January 31 is formal income due.

Due to lower energy prices, its major business, pumping oil and gas, generated $2.3 billion less than in the third quarter.

As fuel prices fell from their midsummer heights, the gasoline and diesel business made $4.9 billion in the third quarter. Chemical profits were $300 million, while motor oil profits were $800 million.

Exxon's annual results will surpass the record $45 billion it earned in 2008, when oil prices peaked at $140 per barrel. Last year's second and third quarters saw record earnings.

Last year, high oil and gas prices boosted oil company earnings. Exxon benefitted as European competitors switched to alternative energy after doubling down on oil during the outbreak. Its shares grew 80% in 2022, beating rivals.

Oil prices, which fueled gains for most of the year, moderated in the fourth quarter. Brent futures ended 2022 at $77.17 a barrel after reaching $140 in March.

Global gas markets ended 2022 with profits. U.S. gas futures jumped 20%.