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Exxon Reaps $59 Billion Profit, Holds Steady on Buybacks

  • Supermajors seeing massive cash flow amid global disruption
  • Hefty oil-sector profits are drawing the ire of White House
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Exxon Mobil Corp. reaped a record $59 billion profit but disappointed some investors by holding the line on share buybacks. 

Full-year profit, excluding one-time items, jumped 157% from 2021, far exceeding the driller’s prior record of $45.2 billion in 2008, which at the time marked the biggest in US corporate history. Chief Executive Officer Darren Woods said Exxon is harvesting the rewards from fossil-fuel investments in recent years that were panned as ill-timed.