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ExxonMobil flat after confirming record profit

ExxonMobil, the oil and gas giant, confirmed one of corporate America's largest annual profits ever. The company reported a profit of $55.7 billion for 2022, with earnings per share of $3.09 (adjusted $3.40) in the final quarter.

Despite the impressive numbers, the reported earnings per share fell below the consensus forecast of $3.29 due to higher taxes on its European operations and write-offs on its Sakhalin-1 oil project.

ExxonMobil's Chief Executive, Darren Woods, attributes the success to the investments made in the company during the pandemic, despite the challenging market conditions. He states, "We leaned in when others leaned out, bucking conventional wisdom." The company expects to pay an additional $400 million in taxes in Europe and to keep its daily output in line with the 3.8 million barrels of oil equivalent posted in the final quarter of 2022. Despite a dip in pre-market trading, ExxonMobil stock was up 0.3% at $113.79 by 08:10 ET, with analysts expecting a well-supported market for the rest of the year."

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