Irving, Texas

Oil giant ExxonMobil has given a massive pay hike of 52 per cent to its CEO Darren Woods after the company reported its highest ever profits amid Russian invasion of Ukraine. Woods pay figure now comes to USD 35.9 million. ExxonMobil said that the mega hike was  “reflective of record company earnings and stock price performance”.

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Earlier this year, ExxonMobil reported annual profit of USD 55.7 billion for the year 2022.

In the fourth quarter, profits rose 43.7 percent to $12.8 billion, thanks to higher oil and natural gas prices and better refining margins compared with the year-ago period.

Revenues from October through December rose 12.3 percent to $95.4 billion.

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The results reflect slightly higher production of oil and natural gas in 2022

In 2020, ExxonMobil was kicked out of the Dow index while its stock languished during the coronavirus crisis, which dented petroleum demand. At the time, the company was criticized for taking on more debt than rivals.

The huge profits by oil companies have sparked pushback from governments. In December, ExxonMobil sued to challenge a new windfall tax policy in Europe.

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ExxonMobil, along with rival Chevron, has also sparred with US President Joe Biden, who has bashed the energy giants for buying back shares instead of putting extra funds into new oil and gas investments.

(With inputs from agencies)

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