{"id":5899,"date":"2022-02-03T19:02:42","date_gmt":"2022-02-03T19:02:42","guid":{"rendered":"https:\/\/euromenaenergy.com\/?p=5899"},"modified":"2022-02-03T19:02:42","modified_gmt":"2022-02-03T19:02:42","slug":"exxonmobil-posts-23bn-in-2021-profi-ts-on-higher-oil-prices","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=5899","title":{"rendered":"ExxonMobil posts $23bn in 2021 profi ts on higher oil prices"},"content":{"rendered":"

ExxonMobil reported a profitable fourth-quarter Tuesday to conclude a strong comeback year in 2021 on higher oil prices amid recovering energy demand.<\/p>\n

The oil giant reported annual profits of $23 billion last year compared with a loss of\u00a0$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.<\/p>\n

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“Our effective pandemic response, focused investments during the down-cycle, and structural cost savings positioned us to realize the full benefits of the market recovery in 2021,” said Chief Executive Darren Woods.<\/p>\n

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.<\/p>\n

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The company also benefited from a profitable run in its downstream business in a reversal from last year’s fourth quarter, as well as increased earnings in chemicals.<\/p>\n

However, ExxonMobil said profits in its European refining operations were limited somewhat by higher energy prices. The company also flagged higher feed and energy costs as a drag in its chemical business.<\/p>\n

On Monday, ExxonMobil announced it was combining its chemical and downstream businesses as it enacts $6 billion in cost savings through 2023. The company is also shifting its corporate headquarter to Houston from Irving, Texas near Dallas.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

ExxonMobil reported a profitable fourth-quarter Tuesday to conclude a strong comeback year in 2021 on higher oil prices amid recovering energy demand. The oil giant reported annual profits of $23 billion last…<\/p>\n","protected":false},"author":1,"featured_media":5900,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[46,48,57,68,76,77,82,86,87,90,96,99,103,107,109,111,113,137,139,146,148,160,174,183,184,201,202,209,222,230,232,233,244,246,249,256,262,263,267,277,279,280,285,288],"class_list":["post-5899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-gas","tag-aramco","tag-athens","tag-baroudi","tag-carbon","tag-climate","tag-climate-change","tag-co2","tag-cyprus","tag-decarbonising","tag-democracy","tag-doha","tag-eastmed","tag-egypt","tag-embargo","tag-emissions","tag-energy","tag-energy-peace","tag-gas","tag-gazprom","tag-greece","tag-greenenergy","tag-international-maritime-disputes","tag-lebanon","tag-maritime-boundaries-east-mediterranean","tag-maritime-disputes","tag-offshore","tag-oil","tag-opec","tag-pollution","tag-poverty-alleviation","tag-putin","tag-qatar","tag-rosneft","tag-roudi","tag-russia","tag-saudi","tag-solar","tag-solar-power","tag-straddling-hydrocarbons-reserves","tag-total","tag-trump","tag-turkey","tag-unclos","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/5899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5899"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/5899\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/5900"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}