Exxon announces record year of profits after sky-high fuel prices in 2022

Earnings more than double over prior year.

Updated: January 31, 2023 - 1:37pm

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Exxon this week announced a record-breaking year of profits, posting a year of earnings more than double the prior year's after months of sky-high fuel prices in the U.S. and around the world. 

The company said in its full-year 2022 results that it had realized "full-year earnings of $55.7 billion" in 2022, well over double its roughly $23 billion from the prior year. 

Fourth-quarter earnings year-over-year were 43% higher, the company said in its report. The company was left with "$76.8 billion of cash flow from operating activities in 2022," it said. 

The smashing report comes after stratospheric fuel prices in the United States and around the world squeezed consumers at the pump for months in 2022. 

In June of last year the average price of a gallon of gas in the United States topped $5 for the first time, with prices elevated throughout much of the year due to supply chain constrains and other crises.