Biden accuses Exxon of ‘padding investors’ pockets’

Joe Biden has accused oil giants of “padding the pockets of executives and shareholders” at the expense of families after Exxon Mobil posted a record annual profit of $55.7bn (£45bn).

The American oil giant reported a profit of $12.8bn for the final three months of 2022, adding to almost $43bn it made earlier in the year.

It is its biggest profit ever, exceeding even the $45.2bn in 2008 when the price of oil hit $150 a barrel.

Russia’s invasion of Ukraine has again inflated oil and gas prices.

Darren Woods, Exxon chairman, told CNBC: “The White House needs to get its facts straight. We have invested more than any of our peers – when times were tough we were investing at a level that exceeded anybody else.”