Exxon posts biggest profit in seven years on high oil prices

Exxon Mobil Corp reported a fourth-quarter profit of $8.87 billion, its largest in seven years, as the top U.S. oil producer benefited from strong energy prices.

The company slashed spending after fuel demand cratered two years ago. Since then, earnings have topped pre-pandemic levels, helped by the rise in oil prices, with the global oil benchmark Brentalso at a seven-year high.

On Monday, Exxon disclosed a business shakeup to accelerate a $6-billion cut to operating expenses set in motion last year.

The revamping will "position us to lead in cash flow and earnings growth, operating performance, and the energy transition,” Chief Executive Darren Woods said in a statement.

A continuation of high oil prices would "cause us to increase the pace of the share repurchase program," Chief Financial Officer Kathryn Mikells said. Exxon restarted buybacks last month after a long suspension, with pledge to buy $10 billion by the end of 2023.