ExxonMobil books record result in 2022
Oil prices have been soaring due to the war in Ukraine, which is reflected in ExxonMobil’s 2022 financial report showing record profit of USD 55.7bn.
The 2022 net profit surpasses the former record of USD 45.2bn from 2008 by a wide margin.
Nevertheless, the share price falls 2.7% in pre-market trading, which Bloomberg News attributes to the fact that ExxonMobil isn’t instituting any additional stock buyback programs in the report.
Instead, investors must settle for the already existing buyback program, for which the company estimates to spend USD 50bn between 2022 and 2024, of which USD 35bn are expected in 2023 and 2024.
The ExxonMobil accounts follow in the wake of a tremendous USD 75bn stock buyback program, which competitor Chevron unveiled last week. This sparked fierce criticism from Democratic members of the US Congress, according to Bloomberg.
Adjusted earnings per share reached USD 3.40 in the fourth quarter, slightly higher than analysts’ expectations of USD 3.30, notes Bloomberg News.
