HOUSTON [U.S.]: Exxon Mobil Corp had a net profit of $56 billion in 2022, setting a new company record and an unprecedented high for the Western oil industry. With an average of approximately $6.3 million each hour, it was able to achieve this impressive feat. Tuesday marked the announcement of this accomplishment.

Oil prices are reaching record highs and soaring demand is pushing the oil industry's combined take toward $200 billion. This has sparked strong criticism of the oil sector and there have been increasing calls for countries to impose taxes on the windfall profits being generated.

Despite the global pandemic, Exxon's results were far above the record-breaking $45.2 billion net profit reported in 2008 when oil prices hit a high of $142 per barrel—nearly 30% higher than last year's average price. Thanks to some deep cuts in costs, last year saw an incredible surge in earnings.

"Overall earnings and cash flow were up pretty significantly year on year," said Exxon Chief Financial Officer Kathryn Mikells" So that came really from a combination of strong markets, strong throughput, strong production, and really good cost control."

Exxon announced on Tuesday that it suffered a whopping $1.3 billion blow to its fourth-quarter earnings due to the European Union's windfall tax and impairments to assets. The company is fighting back, arguing that the tax surpasses the EU's legal authority.

Net income for the full year was $59.1 billion, excluding any charges. Production increased by approximately 100,000 barrels of oil and gas per day within the last year, rising to 3.8 million bpd. Adjusted per-share profit of $3.40 surpassed expectations of $3.29 per share. Investors reacted positively, with shares jumping nearly 2% to $115.63 following the news release.