(Bloomberg) -- Exxon Mobil Corp. reaped a record $59 billion profit but disappointed some investors by holding the line on share buybacks. Most Read from BloombergSony Slashes PlayStation VR2 Headset Output After Pre-Orders DisappointTrump Sues Journalist Bob Woodward for Releasing Interview RecordingsWall Street Is Losing Out to Amateur Buyers in the Housing SlumpBrexit Is Costing the UK £100 Billion a Year in Lost OutputPutin’s War in Ukraine Pushes Ex-Soviet States Toward New AlliesFull-year
It was also the highest tally in the history of the Western oil industry. Despite that impressive feat, Exxon's fourth-quarter results were a bit underwhelming because revenue came in below analysts' expectations due to lower oil and gas prices. The company also didn't follow rival Chevron's (NYSE: CVX) lead by unveiling a significant boost to its share repurchase program.
Oil majors are rounding up the 2022 financial year with outstanding profit numbers, a development that faces strong backlash from the Biden Administration