Exxon’s record profits irk White House in energy blame game

White House: Oil producer’s nearly $56B in 2022 ‘particularly galling’

The Biden administration is expressing displeasure over ExxonMobil's record profit.

After pulling in just $23 billion in 2021, Exxon rocketed to a record year in 2022 after generating $55.7 billion in earnings,

Revenue rose to $413.7 billion from $285.6 billion a year ago.

"It’s outrageous that Exxon has posted a new record for Western oil company profits after the American people were forced to pay such high prices at the pump amid Putin’s invasion," said Abdullah Hassan, White House assistant press secretary.

"The latest earnings reports make clear that oil companies have everything they need, including record profits and thousands of unused but approved permits, to increase production, but they’re instead choosing to plow those profits into padding the pockets of executives and shareholders while House Republicans manufacture excuse after excuse to shield them from any accountability," Hassan said.

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Exxon Baton Rouge refinery

The ExxonMobil Baton Rouge refinery in Louisiana, May 15, 2021. (Reuters/Kathleen Flynn / Reuters Photos)

Following inquiries from FOX Business, a company spokesperson pointed to Exxon’s response to the White House’s statement in a tweet touting the oil producer’s production at global 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 company declared a first-quarter dividend of $0.91 per share, payable on March 10 to shareholders of record at the close of business on Feb. 14, 2023.

Over the month, shares of Exxon are up roughly 8% after climbing nearly 5% year-to-date and around 40% the last year.

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ExxonMobil Corp

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Ticker Security Last Change Change %
XOM EXXON MOBIL CORP. 118.52 -0.11 -0.09%

Meanwhile, gas prices have remained above the national average from the last 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.