Exxon Mobil Corporation (NYSE: XOM) is down 1.83 percent. In spite of President Joe Biden’s claim that Mobil is earning “more than God,” the firm is not the most lucrative in America.
XOM (the ticker symbol for Exxon Mobil) is forecast to make $41 billion in net income in 2022, up from $23 billion in 2017. The company’s earnings, on the other hand, should lag well behind those of Apple, Microsoft, Alphabet, and JPMorgan Chase, all of which have stock price declines of 3.86 percent or more (AAPL), 4.46 percent (MSFT), and 3.20 percent (GOOG), respectively (JPM).
Some in Washington are considering a windfall gains tax similar to the one imposed in the United Kingdom when the price of fuel hits a record $5 a gallon and inflation exceeds 8%.
Because of excessive inflation, Biden took a shot at the CEO of the industry.
“Tell them how much money Exxon made this year.” This next quarter? In his statements at the port of Los Angeles, he said that ExxonMobil had earned more money than God in the previous year. “Exxon, begin to invest. To begin paying your taxes, you must do it now.”
A lot of money is being invested by ExxonMobil. One of the biggest capital expenditures in the global energy business, the company aims to spend $21 billion to $24 billion this year and $20 billion to $25 billion yearly from 2023 to 2027.
At $2.8 billion in first-quarter tax payments, it is expected to pay $12 billion or more in taxes by 2022.
The stock of Exxon Mobil fell 1.4 percent on Friday to $100.94, but it has gained 65 percent in 2022, making it the best performer among the top 20 S&P 500 corporations.
Having fallen to 38th place at the end of 2020, Exxon, which was the top U.S. firm by market value a decade ago, is now pushing its way back into the top 10. Exxon currently ranks 11th on the S&P Dow Jones Indices with a market capitalization of $424 billion.
Profitability is king at Apple, the world’s most valuable firm. Next in line are Alphabet, Microsoft, and JP Morgan, which are all predicted to bring in a total of $60bn this fiscal year.
Exxon is always a target when oil prices are high, despite the company’s massive earnings.
They appear to have forgotten that Exxon lost money in 2020 when oil prices were plummeting and its stock traded at a third of what it does now.
Even in a difficult year in 2020, Exxon remained committed to spending large sums of money on new projects, including a vast offshore oil field in Guyana.