STORY: Added Konstantinos, "as compared to prior cycles, I believe that oil companies and energy companies in general are more disciplined with their capital allocation than they have been in the past. We've seen a number of very significant share buyback programs coming out from these types of firms, and as an energy shareholder that makes me happy."
Exxon Mobil posted a $56 billion net profit for 2022, the company said on Tuesday (Jan. 31), taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry.
The results set up another confrontation with the White House. Companies could increase production but decided instead to "plow those profits into padding the pockets of executives and shareholders," the White House said in a statement.