2017 - Exxon profits surge 122%, ending two-year slump

Exxon (XOM), the world's largest public oil company, revealed on Friday that profits more than doubled to $4 billion during the first three months of 2017.

Stronger oil prices allowed Exxon to book $2.3 billion in profits in the division that pumps oil and gas out of the ground. That's a vast improvement from a loss of $76 million a year ago.

https://money.cnn.com/2017/04/28/investing/exxon-earnings-double-oil-prices/index.html

Archived link- https://archive.ph/3MbEj

That $4,000,000,000 in 2017 would be $4,516,189,416.24 in 2022, adjusted for inflation.

2022 - Exxon profits surge despite $3.4B hit from Russian exit

Exxon Mobil reported $5.48 billion in profits during the first quarter as oil and gas prices rose steadily, more than doubling its profits compared with the same quarter last year.

But the oil giant took a huge hit as it abandoned its Russian operations due to the war, writing down $3.4 billion.

Including that loss, the oil giant reported profits of $1.28 per share Friday, which was well below expectations of analysts polled by Factset, who were looking for $2.23 per share.

The price of oil climbed steadily during the first quarter after Russia invaded Ukraine, sending European countries which rely heavily on Russia for energy and others scrambling to find alternative sources for fuel. A barrel of the U.S. benchmark crude rose from $76 to nearly $130 per barrel before ending the quarter at $100, and drivers were filling up with increasingly expensive gasoline.

Natural gas prices rose too, climbing from $3.50 per million British thermal units to about $5.60, inflating home heating bills and electricity prices.

https://news.yahoo.com/exxon-profits-surge-loses-billions-111857351.html

Archived link - https://archive.ph/1E59P

If it wasn't for natural gas production in Alaska, which Biden's Executive Order 13990 doesn't affect, Exxon likely would have taken a big hit to profits in 1Q 2022, despite the increase in crude oil prices.

ExxonMobil’s Point Thomson reservoir

The Point Thomson reservoir holds an estimated 8 trillion cubic feet of natural gas and 200 million barrels of natural gas condensate, a high-quality hydrocarbon similar to kerosene or diesel. Point Thomson gas represents about 25 percent of known gas resources on the North Slope.

ExxonMobil brought Point Thomson online in April 2016 with production facilities designed to produce and reinject (cycle) 200 million cubic feet per day of gas and produce up to 10,000 barrels per day of natural gas condensate. The condensate is transported by a 22-mile pipeline which connects into the Trans Alaska Pipeline System.

This phase of Point Thomson development establishes critical infrastructure and provides the experience and learning for current and future Point Thomson development. Lessons gained from this high-pressure gas condensate cycling project on the North Slope will be key to helping unlock Point Thomson’s potential.

During operations, onshore facilities recover natural gas condensate from the reservoir located primarily offshore, using proven long-reach drilling technology. Two injection wells work in tandem with a production well, cycling up to 200 million cubic feet of natural gas per day through an onsite central processing facility. Condensate is then transported by pipeline and gas reinjected for future recovery. Building Point Thomson facilities required extensive onsite infrastructure to minimize the development footprint.

https://corporate.exxonmobil.com/Locations/United-States/Alaska/ExxonMobil-Point-Thomson-reservoir#PointThomsonneighbors

Archived link - https://archive.ph/F8SQ3