Published: June 20, 2022 |

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ExxonMobil has fired back at U.S. President Joe Biden after his quip that it is making ‘more money than God’ due to soaring crude prices.

The U.S. oil and gas giant pointed out it had invested more than $50 billion in the U.S. over the past five years, resulting in an almost 50 percent increase in U.S. production of oil during this period.

“Globally, we’ve invested double what we’ve earned over the past five years — $118 billion on new oil and gas supplies compared to net income of $55 billion.

“This is a reflection of the company’s long-term growth strategy, and our commitment to continuously invest to meet society’s demand for our products.

“Specific to refining capacity in the U.S., we’ve been investing through the downturn to increase refining capacity to process U.S. light crude by about 250,000 barrels per day — the equivalent of adding a new medium-sized refinery.

Oil companies have been reporting bumper profits due to crude prices climbing to more than $120 per barrel as a result of the Ukraine war and a hangover from the pandemic on supply chains, something that Biden very publicly called out on June 10 using Exxon as an example.

In a White House briefing on inflation, how to reduce costs of living and prices and supply chain challenges Biden said “We’re going to make sure that everybody knows Exxon’s profits.”

“Exxon made more money than God this year,” the President added.

“One thing I want to say about the oil companies, they talk about how we have, they have 9,000 permits to drill. They’re not drilling. Why aren’t they drilling? Because they make more money not producing more oil,” Biden said in the statement.

“The price goes up, number one. And, number two, the reason they’re not drilling is they’re buying back their own stock — which should be taxed, quite frankly — buying back their own stock and making no new investments,” Biden added.

Source: Proactive Investors

About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs. The corporation’s primary businesses — upstream, product solutions, and low carbon solutions — provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world.

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