Exxon Mobil to report record profits of $58bn

Exxon Mobil is expected to report record annual profits of $58bn (£48bn) for 2022 thanks to soaring oil and gas prices.

The US oil giant will report annual earnings on Jan 31 but preliminary results indicate it will have made $15.4bn in profit during just the final quarter of the year, Reuters reported.

It is suing the EU over a windfall tax on oil and gas producers, arguing Brussels overstepped its legal powers. It says that the tax discourages investment in energy security.

Oil and gas prices leapt during 2022 as Russia’s war on Ukraine disrupted markets. Exxon’s shares jumped 80pc in 2022, ahead of rivals. It is currently valued at about $446bn on the New York Stock Exchange.