Exxon Mobil reports $5.5 billion in profits, says it cost more than $3 billion to exit Russia
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After reporting blockbuster profits last year, Exxon Mobil said Friday that sales and profits remain strong in the first few months of 2022 as the world recovers from the coronavirus pandemic and the Russian war against Ukraine boosts oil and gas prices.a $5.5 billion profit for the first three months of the year, compared to a $2.7 billion profit during the same period last year. First quarter revenue rose 53 percent to $90.5 billion from $59.1 billion in the first quarter of 2021.
Exxon's profits were muted by a $3,4 billion writedown to reflect the costs associated with the company's swift exit from Russia in response to Russia's invasion of Ukraine. Bolstered by pandemic recovery, last year Exxon recorded more than $20 billion in profits, the highest since 2014. It came after the multinational corporation reported historic losses of around the same amount in 2020 due to the pandemic.
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