Oil major Exxon Mobil saw profits soar by as much as $1.9 billion in the last quarter according to a filing on Thursday.
The rise in profits was driven by high gas prices, which may have added as much a $1.1 billion to the bottom line. Meanwhile oil contributed up to $800 million and unsettled derivative contracts up to $700 million over 3Q21 results.
In the last year Exxon Mobil shares have risen from approximately $42 per share in January 2021 to $61 per share at the end of the year a gain of almost 50%. In October the company posted its strongest results since 2017 with a net income of $6.75 billion.
Exxon has recently come under fire from environmental groups for hiding its awareness of climate change.
Currently Exxon Mobil is the United States’ 10th largest company and largest oil company.