On Tuesday, January 31, 2023, Mobil reported an adjusted profit of 59 billion dollars (approximately 54.46 billion euros) in 2022. An amount that is a record for the company and a historic peak for the western oil industry.

When oil was selling at $142 a barrel, Exxon's earnings far exceed 2008's record $45.2 billion net profit, 30% higher than last year's average price. The significant cost reductions achieved during the pandemic have helped to increase annual profits. Kathryn Mikells, chief financial officer of Exxon, told Reuters, “overall profits and cash flow increased quite significantly year over year.” For her, this is due to the combination of solid markets, high throughput, high production and very good cost control.”

Due to inflation and exploding demand, major oil companies are expected to break their own annual records, bringing their combined profits to nearly $200 billion. Similarly, in the fourth quarter, due to an exceptional tax from the European Union, Exxon's profit was reduced by 1.3 billion euros, which the group is contesting in court, which started in the last quarter, and due to asset impairment.