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Exxon Flags Huge Profit Jump as Lawmakers Target Dividends

  • Energy giant signals largest quarterly income in 13 years
  • Key House Democrats demand suspension of buybacks, payouts
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Exxon Mobil Corp. signaled its highest profit since 2008 as Russia’s war in Ukraine upended global commodity markets.

Exxon’s announcement that first-quarter results may have reached almost $11 billion augurs booming profits across the oil industry as trade sanctions, shipping disruptions and surging demand strain supply lines.