WASHINGTON, Jan 31 (Portal) – The White House on Tuesday expressed outrage at Exxon Mobil Corp’s record 2022 net income of $56 billion, a historic high not just for the company but for the entire western oil industry.
Oil majors are expected to break their own annual records due to high prices and rising demand, taking their total revenues to nearly $200 billion. The magnitude has prompted renewed criticism of the oil industry and prompted calls for more countries to levy windfall profit taxes on the companies.
A White House statement said Exxon’s (XOM.N) profit margin was particularly galling as Americans were paying record prices at the pump. It criticized attempts by House Republicans to push policies aimed at supporting the oil industry.
An Exxon Mobil Corp logo is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil, September 24, 2018. Portal/Sergio Moraes
“The latest earnings reports make it clear that oil companies have everything they need, including record profits and thousands of unused but approved permits, to ramp up production, but they are instead choosing to pocket those profits for executives and shareholders stuck while House Republicans fabricate excuse after excuse to shield them from any accountability,” the White House said.
last update
Watch 2 more stories
President Joe Biden has blasted oil companies and refiners for much of the past year for spiking profits as gasoline prices soar. In June, Biden wrote to executives at major oil refiners, complaining that they had cut production to bolster profits, according to a copy of a letter seen by Portal.
Exxon CFO Kathryn Mikells responded to growing criticism of the industry’s windfall profits and suggested that the answer doesn’t lie in higher taxes.
“We’re looking at the EU tax on the energy sector and, you know, it’s just illegal and bad policy to tax something when you really need a hike,” Mikells said. “It has the opposite effect of what you’re trying to achieve.”
Reporting by Trevor Hunnicut and Steve Holland; additional reporting by Jarrett Renshaw and Sabrina Valle; Edited by Franklin Paul and David Gregorio
Our standards: The Trust Principles.