Business is going well again at the American oil giant. according to his own statement, he made a net profit of 23 billion US dollars in 2021, the share value is increasing.
After heavy losses at the beginning of the corona pandemic, the largest US oil company ExxonMobil is earning brilliantly again.
According to its own statement on Tuesday, the company made a net profit of 23 billion US dollars (20.4 billion euros) in 2021, the best annual result since 2014. Sales increased by almost 60 percent compared to the previous year to 285.6 billion dollars .
After the corona crisis had initially dampened global energy demand, Exxon has now benefited greatly from the rise in oil prices. In the final quarter, the balance sheet showed a surplus of $8.9 billion. A year ago, high writedowns left Exxon down more than $20 billion in the quarter and its biggest annual loss in more than four decades.
The oil giant had severely curtailed its spending during the pandemic, but with the recent billions in profits behind it, investments are expected to rise sharply again. Exxon has announced a $10 billion share buyback program that will begin this quarter.
The annual report clearly exceeded the expectations of the analysts. The stock rose premarket.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
