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Exxon’s 2022 earnings set a historic high for the Western oil industry US oil major ExxonMobil earned $55.7 billion in profits last year, the company disclosed on Tuesday. The figure was a new high for Exxon, whose previous record was $45.2 billion in 2008, when a barrel of oil cost close to $150 – some 30% higher on average than in 2022. According to company CEO Darren Woods, profits soared on the back of recovering post-Covid-19 demand amid energy supply constraints. “While our results clearly benefited from a favorable market, the counter-cyclical investments we made before and during the pandemic provided the
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