European war leads to historic profits for Exxon

Exxon today said it had made $12.8 billion in the fourth quarter of 2022. Added to the company’s highly profitable first three quarters, Exxon’s 2022 profits jumped 142 percent over 2021.

At the same time, in 2022 the US rightfully pledged some $48 billion in aid to Ukraine so that the country can defend itself against Russia’s invasion (1) – a war that has driven oil prices and Exxon’s profits higher.

Jonathan Noronha-Gant, Global Witness, Senior Campaigner, said:

“Every American can see the clear line between the war in Ukraine and Exxon’s shocking profits. While innocent lives are being lost in Ukraine, oil giants like Exxon have been making billions, with this trend looking likely to exist well into 2023.”

“While it’s correct for the US to generously support Ukraine, it cannot be right for Exxon to make billions due to the ongoing energy problems that have been exacerbated by the war in Europe. These oil companies are richer because you and our planet are poorer.”