- Exxon Mobil reported a record profit for 2022.
- Other energy companies are also expected to do well on the back of high prices and strong demand.
- During the third quarter, gurus loaded up on Chevron
, Valvoline
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, ConocoPhillips
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, Occidental and Halliburton
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Bolstered by high prices and soaring demand, oil and gas majors are expected to break their annual earnings records. On Tuesday, Exxon Mobil Corp. (XOM, Financial) did just that when it posted a $56 billion profit for 2022. According to Reuters, this not only set a company record, but was a historic high for the Western oil industry.
The Irving, Texas-based company’s previous record, from 2008, was a $45.2 billion net profit, when oil hit $142 per barrel. Despite earnings taking a $1.3 billion hit from a European Union windfall tax and asset impairments, last year’s earnings also got a boost from cost cuts that were implemented during the pandemic.
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