ExxonMobil announced record profits for the year 2022, reporting it made $55.7 billion over the past year and drawing ire from the left.
CEO Darren Woods said on Tuesday that the annual profits were a record for the company during an earnings call. He said that the company “benefited from a favorable market” but also made investing choices in the past that helped it “take full advantage of the undersupplied market.”
His comments come after a banner year for the industry, amid a supply crunch and high prices linked to both coronavirus pandemic recovery and Russia’s invasion of Ukraine.
Other major energy companies, including Chevron, also posted record earnings for the year. Exxon’s profits were higher still than the $35.5 billion reported by Chevron.
The announcement drew criticism from the left, as Democrats have been critical of corporate profits at a time when consumers faced high prices at the pump.
“This summer, families across PA paid $5 a gallon for gas while Exxon made profits that ‘smashed earnings records’ and Chevron posted ‘record earnings,’” said a statement on Tuesday from Sen. John Fetterman (D-Pa.).
“This price gouging is simply disgusting, and I’m going to get to the bottom of it,” he added.
Some energy analysts have expressed skepticism about claims of gouging, instead attributing the profits to market forces.
Meanwhile, White House spokesperson Abdullah Hasan called the profits “outrageous.”
“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 amidst Putin’s invasion,” he said in a written statement. “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.”
— Updated at 3:30 p.m.