ExxonMobil Posts $23 Bn In 2021 Profits On Higher Oil Prices

ExxonMobil reported a profitable fourth-quarter Tuesday to conclude a strong comeback year in 2021 on higher oil prices amid recovering energy demand.

The oil giant reported annual profits of $23 billion last year compared with a loss of $22.4 billion in 2020 when demand was dented by the Covid-19 lockdowns. High oil prices helped boost results again during the quarter, although increased costs cut into gains in some operations.

"Our effective pandemic response, focused investments during the down-cycle, and structural cost savings positioned us to realize the full benefits of...