White House Slams Exxon Profit As 'Outrageous'

Oil giant ExxonMobil reaped a record $55.7-billion (£45.2 billion) in profit last year as oil prices surged following Russia's invasion of Ukraine, BBC News and the Associated Press (AP) reported.

Photo Insert: Exxon boss Darren Woods said the White House needed to "get its facts straight," noting the firm had spent money on oil and gas projects despite pressure from investors and others to shift investments to renewable energy.

The total was more than double 2021's figure, and is likely to renew pressure on the industry after some countries, including the UK, imposed special taxes on the profits last year.

Exxon has criticized such measures as counter-productive. Last month, it sued the European Union (EU) over the new windfall tax.

Exxon has also has spoken out against similar proposals in the US, where President Joe Biden has sought to focus blame for last year's high motor fuel costs on companies failing to spend their profits to boost supply.

A White House statement on Tuesday called it "outrageous that Exxon has posted a new record for Western oil company profits after the American people were forced to pay such high prices at the pump amidst [Russian President Vladimir] Putin's invasion.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

"The latest earnings reports make clear that oil companies have everything they need, including record profits and thousands of unused but approved permits, to increase production, but they're instead choosing to plow those profits into padding the pockets of executives and shareholders," said White House spokesman Abdullah Hasan.

In an interview with CNBC, Exxon boss Darren Woods said the White House needed to "get its facts straight," noting the firm had spent money on oil and gas projects despite pressure from investors and others to shift investments to renewable energy, Reuters reported.