Oil giant ExxonMobil pulled in a record $55.7bn in profit last year as oil prices surged following Russia’s invasion of Ukraine.

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 criticised such measures as counter-productive.

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 the Russian invasion.

“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 plough those profits into padding the pockets of executives and shareholders,” said White House spokesman Abdullah Hasan.

In an interview with broadcaster CNBC, Exxon boss Darren Woods said the White House needed to “get its facts straight”, noting that the firm had continued to spend money on oil and gas projects despite pressure from investors and others to shift investments to renewable energy.

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