Robert Besser
05 Jul 2022, 13:52 GMT+10
HOUSTON, Texas: Exxon Mobil Corp said this week that profits from skyrocketing fuel prices could result in a record $16 billion quarterly profit.
Exxon, like other oil companies, has seen surges in profits as oil rose to more than $105 per barrel and gasoline is reported selling at $5 per gallon in the United States.
It is expected that such enormous earnings could well result in calls for windfall profit taxes.
Exxon, America's largest U.S. oil producer, has said in filings that it anticipates an increase of some $7.4 billion in operating profits over the first quarter in 2022.
In real terms, Exxon might see a quarterly profit of more than $16 billion. The company's largest quarterly profit was recorded at $15.9 billion in 2012.
"High energy prices are largely a result of underinvestment by many in the energy industry over the last several years and especially during the pandemic," Exxon said in a statement on the expected profits.
At the same time, analysts anticipate a per share profit of $2.99, compared to $1.10 in the same quarter in 2021.
Official quarterly results will be released on July 29.
In May, commenting on Exxon's profits, U.S. President Joe Biden said Exxon was making "more money than God," after posting its biggest quarterly profit in seven years.
Meanwhile, U.S. Representative Ro Khanna said this week that Exxon's record-breaking profits caused him to redouble efforts in Congress to pass a windfall tax on the nation's oil companies.
"Big Oil companies should be providing relief to their customers, not pouring billions into stock buybacks to enrich their investors," he said in a statement.
Get a daily dose of Utah Independent news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Utah Independent.
More InformationTALLAHASSEE, Florida: The Florida Lottery said this week that the second-largest lottery winner in U.S. history has come forward to ...
LONDON, UK: This week, the Global Financial Centers index showed that New York remains the world's leading financial center, with ...
KAOHSIUNG, Taiwan: In a significant milestone for its defense capabilities, Taiwan has unveiled its first domestically developed submarine. Although it ...
HONIARA, Solomon Islands: Prime Minister Manasseh Sogavare revealed that he opted out of a Pacific Islands leaders' summit at the ...
SACRAMENTO, California: Intending to raise some US$160 million per year to help prevent gun violence, California Governor Gavin Newsom signed ...
MANILA, The Philippines: The Philippines remains steadfast in its resolve not to yield to Chinese efforts to obstruct its fishermen ...
SACRAMENTO, California: Fast food workers will now receive $20 per hour in California, after the governor signed a fast food ...
BEIJING, China: In a deal worth US$10 billion at list prices this week, state-owned carrier China Eastern Airlines announced that ...
BEIJING, China: This week, China Evergrande Group said its founder and chairman, Hui Ka Yan, is being investigated over suspected ...
RIVERSIDE COUNTY, California: In his opening statement this week in the first U.S. trial over allegations that a car autopilot ...
SEATTLE, Washington: As part of Washington's efforts to stop Big Tech from monopolizing the most lucrative parts of the internet, ...
JEDDAH, Saudi Arabia: As part of Riyadh's efforts to further Saudi Arabia's electrification drive, electric vehicle (EV) maker Lucid announced ...