Exxon Mobil's net profit will reach US$56 billion in 2022, setting a new record in the history of the Western oil industry.

(Reuters file photo)

[Financial Channel/Comprehensive Report] American oil giant Exxon Mobil (Exxon Mobil) announced its financial report on Tuesday (January 31). Earning 6.39 million US dollars (approximately NT$190 million), not only set a new high for the company, but also refreshed the historical record of the Western oil industry.

"Reuters" reported that with high oil prices and soaring demand, the performance of oil majors is expected to break their own past records one after another, pushing the industry's consolidated net profit to nearly US$200 billion (about NT$5.9 trillion).

The scale has reignited criticism of the oil industry and raised calls for more countries to impose windfall profits taxes on these companies.

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Exxon's results far surpassed the company's record net profit of $45.2 billion in 2008, when oil prices hit $142 a barrel, 30 percent higher than last year's average.

Chief Financial Officer Kathryn Mikells said overall earnings and cash flow had grown significantly, driven by strong markets, throughput, strong production and good cost control.

Slashing costs amid the pandemic helped boost last year's earnings.

ExxonMobil mentioned that due to the windfall profit tax imposed by the EU in Q4 last year, coupled with asset impairment, the company's Q4 earnings were hit by about 1.3 billion (about NT$38.9 billion).

Exxon is currently suing the European Union, saying the tax exceeds its statutory authority.

ExxonMobil's oil and natural gas production increased by about 100,000 barrels per day from the previous year to 3.8 million barrels per day.

Adjusted earnings of $3.40 a share topped consensus estimates, according to Refinitiv data.

Shares of Exxon Mobil closed up 2.16 percent on Tuesday.

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