Exxon has smashed the profits of other western oil majors with a record-breaking $56 billion in 2022. According to a report from Reuters, Exxon’s profits are the highest among the western oil majors.

However, despite the impressive profits, Yahoo Finance reports that Exxon’s buybacks disappointed investors. The company had expected to post a $59 billion profit for 2022, but the actual figure was lower.

A video from Reuters shows that Exxon’s historic $56 billion profit was driven by higher energy prices. This is the highest profit ever recorded by a western oil industry, according to The Guardian.

ABC News reports that Exxon recorded a record profit in 2022 as energy prices soared. The company posted profits of $96.78 billion, which is the highest ever recorded in the western oil industry.

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