Exxon signals strong Q4 profit to drive annual record

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By Sabrina Valle

(Reuters) - Exxon Mobil Corp (NYSE:XOM) on Wednesday signaled another strong operational profit in its fourth quarter, pushing it toward a record profit for all of 2022.

In a securities filing, the largest U.S. oil producer provided a snapshot of factors affecting results for its final quarter. They signaled slightly weaker profits than in its prior quarter but confirmed 2022 had been Exxon's best financial year. Official earnings are due on Jan 31.

The preview indicates earnings from pumping oil and gas - its largest business - retreated about $2.3 billion due to lower energy prices from the record $12.4 billion the upstream business delivered in the third quarter.

Exxon posted a net profit of $43 billion in the first nine months of the year, including record gains in both its second and third quarters. That alone was near the $45 billion profit Exxon posted in 2008, when oil prices peaked at $142 per barrel.

High international oil and natural gas prices last year generated record earnings among the oil majors. Exxon benefited the most after doubling down on oil production during the pandemic as European rivals shifted to renewable energy projects. Its shares jumped 80% in 2022, outrunning rivals.

Sky-high oil prices that fueled gains for most of the year eased in the year's final quarter. Brent futures closed 2022 at $77.17 a barrel, after hitting nearly $140 a barrel in March.

Global gas markets, on the other hand, ended 2022 with strong gains. U.S. gas futures jumped by more than 20%.