Home » Exxon Flags Huge Profit Jump While Lawmakers Target Dividends
(Bloomberg) — Exxon Mobil Corp. signaled its highest profit since 2008 as Russia’s war in Ukraine upended global commodity markets.
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Exxon’s announcement that first-quarter results may have reached almost $11 billion augurs booming profits across the oil industry as trade sanctions, shipping disruptions and surging demand strain supply lines.
The windfall doesn’t come without risks, however. Key Democrats in the U.S. House of Representatives demanded Exxon and peers Chevron Corp., Shell Plc and BP Plc immediately halt dividends and share buybacks until the war’s conclusion, and scolded them for “profiteering off the crisis in Ukraine.”
Political leaders are under pressure to alleviate sky-high energy prices and the specter of shortages. U.S. President Joe Biden last week pleaded with the industry to reinvest profits in new wells to help plug the supply gap from shunned Russian crude. At the same time, he warned of punishing financial penalties for…
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