by Canary CEO Dan Eberhart discusses the rise in oil and fuel costs throughout the U.S. and the affect of Biden’s energy agenda on ‘Varney & Co.’
The Biden administration is expressing displeasure over ExxonMobil’s record revenue.
After pulling in simply $23 billion in 2021, Exxon rocketed to a record year in 2022 after producing $55.7 billion in earnings,
Revenue rose to $413.7 billion from $285.6 billion a yr in the past.
“It’s outrageous that Exxon has posted a brand new record for Western oil firm profits after the American individuals have been compelled to pay such excessive costs on the pump amid Putin’s invasion,” mentioned Abdullah Hassan, White House assistant press secretary.
“The newest earnings stories clarify that oil firms have every thing they want, together with record profits and 1000’s of unused however permitted permits, to extend manufacturing, however they’re as an alternative selecting to plow these profits into padding the pockets of executives and shareholders whereas House Republicans manufacture excuse after excuse to defend them from any accountability,” Hassan mentioned.
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The ExxonMobil Baton Rouge refinery in Louisiana, May 15, 2021. (Reuters/Kathleen Flynn / Reuters Photos)
Following inquiries from FOX Business, an organization spokesperson pointed to Exxon’s response to the White House’s assertion in a tweet touting the oil producer’s production at world and North American refineries.
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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 firm declared a first-quarter dividend of $0.91 per share, payable on March 10 to shareholders of record on the shut of enterprise on Feb. 14, 2023.
Over the month, shares of Exxon are up roughly 8% after climbing almost 5% year-to-date and round 40% the final yr.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORP. | 115.98 | +2.38 | +2.09% |
Meanwhile, fuel costs have remained above the nationwide common from the final six years, and peaked at $4.99 per gallon on June 16, 2022. They now sit at $3.49 per gallon.
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Reuters contributed to this report.
