ExxonMobil Earnings Soar

Jan. 31, 2023
CEO says the company leaned in when others leaned out.

ExxonMobil Corp. announced full-year 2022 earnings of $55.7 billion. Fourth-quarter 2022 chemical products earnings were $0.3 billion compared to $0.8 billion in the third quarter on weaker margins as a result of continued supply additions and softening demand in North America and Europe, which were partially offset by lower North America feed costs. Specialty products fourth-quarter 2022 earnings were $0.8 billion, in line with the third quarter.

“While our results clearly benefited from a favorable market, the counter-cyclical investments we made before and during the pandemic provided the energy and products people needed as economies began recovering and supplies became tight,” says Darren Woods, chairman and chief executive officer, in a press release from the Irving, Texas-based company. “We leaned in when others leaned out.”

Regarding the environment, the company reduced methane emissions intensity at all operated assets by more than 40% compared to 2016 levels, according to the press release.

In terms of biofuels and hydrogen, ExxonMobil announced its Baytown, Texas, facility is expected to produce 1 billion cubic feet of low-carbon hydrogen per day with an expected startup in 2027-2028. More than 98% of the associated CO2 produced by the facility, or around 7 million metric tons per year, is expected to be captured and permanently stored. The carbon capture and storage network being developed for the project will be made available for use by third-party CO2 emitters in the area in support of their decarbonization efforts.

As earlier reported, ExxonMobil's majority-owned affiliate, Imperial Oil Ltd., will invest about $560 million to move forward with construction of the largest renewable diesel facility in Canada.

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