ExxonMobil, the oil and gas giant, has not only managed to earn an impressive $6.3 million per hour in 2022, but has also racked up a record $56 billion in profit for the entire year. And this record concerned not only the company itself, but also the entire energy sector in the West. In addition, according to Reuters, major oil companies are expected to break their own annual records, thanks to high commodity prices and a surge in demand. Their combined profits are estimated at $200 billion. This size has sparked criticism of the oil industry and prompted calls for more countries to introduce lump sum taxes on corporate profits.

Over the past year, ExxonMobil was making $6.3 million an hour.

Exxon’s profitability far exceeded the $45.2 billion in net profit made in 2008, when the oil price reached $142 per barrel, 30% higher than the 2022 average price. profits of the energy giant. “Total earnings and cash flow are up significantly year-over-year,” Exxon Chief Financial Officer Katherine Mickels told Reuters. “So these results really come from a combination of strong markets, high productivity, strong production and very good cost control.” However, the oil group said its fourth-quarter profit suffered $1.3 billion due to a surprise tax in the European Union that was introduced last quarter and asset impairment. The company is suing the EU, alleging that the fee far exceeds its statutory powers. Excluding expenses, annual profit was $59.1 billion. Production is up about 100,000 barrels of oil and natural gas a day from last year to 3.8 million barrels a day. Adjusted earnings per share of $3.40 beat analysts’ consensus estimate of $3.29 per share, according to Refinitiv data.

It should be noted that ExxonMobil’s financial results could create yet another confrontation with the White House. The administration of President Joe Biden last Friday criticized oil companies for pouring money into shareholder dividends rather than production. Exxon boasted that cash flow from its operations jumped to $76.8 billion last year, up from $48.1 billion in 2021. Windfall income taxes are “illegal and bad policy,” CFO Katherine Mikels countered. Imposing new taxes on oil profits “has the opposite effect of what they are trying to achieve,” adding that it would discourage new oil and gas production.