ExxonMobil flags biggest profit in 13 years due to surging oil prices

Exxon said Monday that first-quarter results may have been as much as $2 billion higher than earnings during the final three months of 2021

Exxon Mobil Corp. signaled its highest profit since 2008 as Russia’s war in Ukraine upended global commodity markets.

Exxon’s announcement that first-quarter results may have reached almost $11 billion augurs booming profits across the oil industry as trade sanctions, shipping disruptions and surging demand strain supply lines. 

The windfall doesn’t come without risks, however. Political leaders are under pressure to alleviate sky-high energy prices and the specter of shortages, and some already have accused oil drillers of gouging and profiteering. 

U.S. President Joe Biden last week pleaded with the industry to reinvest profits in new wells to help plug the supply gap from