As Exxon posts record profit, how much is too much?

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BidenPresident

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ExxonMobil’s profit more than doubled last year to a record $56 billion, thanks in large part to soaring energy costs over which the company had little control.

Which is to say, Exxon made gobs of money for doing nothing new or innovative. It basically won the lottery.

This renews questions about the utility of a windfall profits tax, particularly in light of Exxon’s stated intention to spend $50 billion on stock buybacks to boost its share price even more.

https://ktla.com/news/money-smart/as-exxon-posts-record-profit-how-much-is-too-much/
 
Exxon smashes Western oil majors’ earnings record with $56 billion profit for 2022

Exxon Mobil
posted a $56 billion profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry.

Oil majors are expected to break their own annual records on high prices and soaring demand, pushing their combined take to near $200 billion. The scale has renewed criticism of the oil industry and sparked calls for more countries to levy windfall profit taxes on the companies.

https://www.cnbc.com/2023/01/31/exx...aid it incurred a,full year was $59.1 billion.
 
BidenPresident said:
ExxonMobil’s profit more than doubled last year to a record $56 billion, thanks in large part to soaring energy costs over which the company had little control.

Which is to say, Exxon made gobs of money for doing nothing new or innovative. It basically won the lottery.

This renews questions about the utility of a windfall profits tax, particularly in light of Exxon’s stated intention to spend $50 billion on stock buybacks to boost its share price even more.

https://ktla.com/news/money-smart/as-exxon-posts-record-profit-how-much-is-too-much/
Click to expand...

Good for them. We have a free market economy.
 
I was reading that they are using the profits to pay down debt so that they can get out of the oil and gas business as they have been ordered to do.
 
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