Exxon Mobil Corporation announced, on Tuesday, its financial statements for the fourth quarter of 2021, with a profit of $8.87 billion.
According to the company's data, the achieved profits are the largest in 7 years, supported by the strong rise in international oil prices.
The company has cut spending after a collapse in fuel demand two years ago. Since then, profits have exceeded pre-pandemic levels, supported by an increase in oil prices, with the global benchmark Brent crude also rising to a 7-year high.
On Monday, ExxonMobil announced changes to its activities to accelerate a $6 billion cut in operating expenses that began last year.
The company said it now plans to increase production at Permian, the largest shale oil field in the United States, by 25% in 2022, in addition to a similar increase last year that raised Production to 460 thousand barrels per day.
