Exxon Mobil on Friday posted a better-than-expected $36 billion profit for 2023, lifted by fuels trading and higher oil and gas production.
Profits from oil majors have been down in 2023 by about a third from record levels in 2022, pressured as oil and gas prices retreated after spiking when Russia invaded Ukraine.
Exxon Chief Executive Darren Woods said the industry “saw energy prices and refining margins start to normalize in 2023.” Exxon’s earnings in the latest quarter still beat estimates and Woods signaled optimism about the coming year. He raised Exxon’s spending target after boosting capital spending in the most recent quarter by 4% from a year ago.
