ExxonMobil posts $23bn in 2021 profits on higher oil prices

The oil giant reported annual profits of $23 billion last year compared with a loss of $22.4 billion in 2020 when demand was dented by the Covid-19 lockdowns. High oil prices helped boost results again during the quarter, although increased costs cut into gains in some operations.

In the fourth quarter, ExxonMobil's upstream business benefited from higher prices in oil and natural gas, which surged 63 percent compared with the third quarter.

Source: Energy Industry News (energyindustrynews.net)

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