Exxon has the highest profit in seven years

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US Exxon Mobil Group made a profit of $ 8.87 billion in the fourth quarter, the highest in seven years due to high oil prices, Reuters reports.

The company cut spending after fuel demand fell two years ago. Since then, earnings have surpassed pre-pandemic levels, helped by rising oil prices, with Brent’s global oil benchmark at a seven-year high.

On Monday, Exxon unveiled a reorganization of the company to accelerate the $ 6 billion reduction in operating expenses launched last year.

The reorganization “will position us as leaders in increasing cash flow and earnings, operational performance and the energy transition,” CEO Darren Woods said in a statement.

Keeping oil prices high will “increase the pace of the stock buyback program,” said CFO Kathryn Mikells.

Exxon resumed share buybacks last month after a long suspension with a $ 10 billion commitment to buy back by the end of 2023.

Exxon shares rose 5% on Tuesday to $ 80.02 a share, near the highest level in three years.