ExxonMobil to release first quarter 2023 financial results on Friday

Apr 24, 2023 News

…company made US$6.3M an hour in 2022, US$56B in total profits

Kaieteur News – American oil giant, ExxonMobil Corporation will release its first quarter 2023 financial results on Friday April 28. This was recently announced by the oil major in a statement.
It was noted that a press release will be issued via Business Wire and available at 5:30 a.m. CT at www.exxonmobil.com.

Chief Executive Officer (CEO) of ExxonMobil, Darren Woods

Darren Woods, Chairman and Chief Executive Officer; Kathy Mikells, Senior Vice President and Chief Financial Officer; and Jennifer Driscoll, Vice President of Investor Relations, will review the results during a live conference call at 7:30 a.m. CT. The presentation can be accessed via webcast or by calling (888)-516-2433 (United States) or (929)-477-0431 (International) by making reference to confirmation code 9075155 to join the call. An archive replay of the call and a copy of the presentation with accompanying supplemental financial data will be available at https://investor.exxonmobil.com.

According to reports, the oil giant made a whopping US$6.3 million an hour in 2022 resulting in its highest profit ever of a whopping US$56 billion. It was the Guardian who reported that ExxonMobil made US$56 billion in profits, or US$6.3 million an hour, last year after the war in Ukraine ignited a surge in global oil and gas prices. It was stated too that the company’s record profit was also the highest reported by any western oil company.

The news agency also said that the oil industry’s outsized profits were criticised as “outrageous” by the United States President, Joe Biden, during his State of the Union address in February. Biden has previously accused Exxon of making “more money than God”.

ExxonMobil main US rival, Chevron, had a record US$36.5 billion profit, while the European oil company Shell announced the biggest profits in its 115-year history, at US$39.9 billion, and BP reported a US$27.7 billion profit.

Additionally, the Guardian also reported that the Chief Executive Officer (CEO) of ExxonMobil was handed a 52 percent pay increase to US$35.9 million for 2022, after the oil company reported its highest profits ever.

The media entity reported that Darren Woods’ salary rose by 10 percent to US$1.9 million last year while his bonus and share awards surged by 80 percent compared with the year before. The company said the bumper payday was “reflective of record company earnings and stock price performance”.

In an official company filing, Exxon’s remuneration committee said that under Wood’s leadership the company had “delivered exceptional business results”. Meanwhile, the company’s share price outpaced its industry rivals last year after climbing by 160 percent.

In December 2022, Kaieteur News had reported that the US-oil major announced that Woods and other executives will be benefitting from an increase on their annual base salaries. This announcement came after it was reported in the media that the company’s British employees had taken to the streets protesting more than the ‘pitiful’ 2.5 percent increase.

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American oil giant, ExxonMobil, financial results

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