The White House yesterday expressed outrage at Exxon Mobil Corp’s record net profit in 2022 of US$56 billion (RM238.8 billion), a historical high not just for the company but for the entire Western oil industry.
Oil majors are expected to break their own annual records due to high prices and soaring demand, pushing their combined take to near US$200 billion. The scale has brought renewed criticism of the oil industry and sparked calls for more countries to levy windfall profit taxes on the companies.
“The latest earnings reports make clear that oil companies have everything they need, including record profits and thousands of unused but approved permits, to increase production, but they’re instead choosing to plow those profits into padding the pockets of executives and shareholders while House Republicans manufacture excuse after excuse to shield them from any accountability,” the White House said.
Exxon’s CFO Kathryn Mikells responded to growing criticism over the industry’s windfall profits and suggested the answer is not increased taxes.
“We look at the EU tax on the energy sector, and you know, it’s just unlawful and bad policy trying to tax something, when what you actually need is for it to increase,” Mikells said. “It has the opposite effect of what you’re trying to achieve.” — REUTERS
