Exxon records record quarterly profits of $9.3bn
Oil giant Exxon had record quarterly profits of almost $9.5bn, with Russia’s war in Ukraine ramping up production and the price of oil.
America’s largest oil firm cashed in as the conflict pushed up oil to $114 per barrel, a seven-year high, and a 45 per cent increase from the previous quarter.
Its record profits may also increase calls for a one-off windfall tax on major oil producers, who have benefited from the sanctions on Russia, meaning bumper profits.
Exxon said last month it would also phase out its operations in Russia, with $4bn of assets in the country, at risk of seizure.