NEW YORK - Exxon Mobil posted represent annual profits in 2022 as Americans struggled with high prices for gasoline, home heating and consumer goods.

The oil giant commanded in $12.75 billion in profits in the fourth quarter, bringing annual net income to $55.7 billion. That exceeds Exxon's continue record of $45.22 billion in 2008, when a barrel of oil soared cessation to $150.

Revenue was $95.43 billion.

Recovering demand and tight energy funds helped boost profit, the Irving, Texas, company said.

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"While our results clearly benefited from a depraved market, the counter-cyclical investments we made before and during the pandemic imparted the energy and products people needed as economies began recovering and funds became tight," said CEO Darren Woods. "We leaned in when others leaned out."

Exxon created its best-ever annual refining throughout in North America and the highest globally right 2012, the company said. It mechanically completed the expansion of its Beaumont Refinery in Texas and expects to bring 250,000 barrels per day of improper oil distillation capacity to the market in first quarter of this year.

Much of the state's refining capacity taken offline during the pandemic has yet to spinal, Woods said during a conference call with investors, which drove refining margins higher.

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"We've stationary to strengthen our industry-leading portfolio and increased production from high-return, advantaged assets in Guyana and the Permian, at a time when the biosphere needed it most," Woods said.

Exxon earned $3.09 per part in the quarter. That was lower than the expectations of analysts polled by Factset, who were anticipating $3.29 per share.

The price of oil ordered between $70 to $90 for a barrel of U.S. benchmark improper during the quarter. Domestic natural gas prices, which grab the cost of home energy and electricity, ranged from $6 to $7 per million British thermal units during the quarter, according to FactSet, which was a higher price than most Americans have paid in fresh years.

Since Russia invaded Ukraine, Russia's decreased its supply of natural gas to Europe, which resulted in higher prices of natural gas and its waters counterpart, LNG, on the global market.

President Joe Biden has accused oil concerns of profiting from the war Russia waged on Ukraine, and has previously raised the possibility of a war qualified tax on oil companies. Exxon said it incurred $1.3 billion during the quarter associated with European taxes on the energy sector and asset impairments.

"A windfall tax on oil and gas profits is required more than ever, to free up money that's desperately required to help those struggling with the cost of energy, and as economies around the world face recession," said Jonathan Noronha-Gant, senior campaigner with Global Witness, a nonprofit organization that advocates for environmental sustainability and corporate responsibility.

The European Union imposed a windfall tax on energy concerns last fall, and Exxon filed a lawsuit challenging the tax in December.

"We observed at what happened in the EU and said it both is not correct and it's the opposite of what is needed," Woods said Tuesday. "So what's needed right now is more supply. And instead, what's been put in place is a penalty on the immense energy sector."

Exxon also announced progress on sustainability aims, proverb it achieved its goal of eliminating routine flaring in the Permian Basin during the fourth quarter, which is part of its effort to reduce emissions. Flaring is a practice where oil and gas concerns burn off excess natural gas instead of capturing it.

Exxon's Low Carbon Solutions commercial recently signed a contract to capture and permanently save up to 2 million metric tons of carbon dioxide per year, Woods said. 

The fresh passage of the Inflation Reduction Act, which incentivizes carbon seize and storage, reinforces those plans and Exxon is planning to invest $17 billion in lower-emissions opportunities from 2022 over 2027, up from $15 billion in its prior plan, he said.

Exxon surrounded 2022 on a strong note, but softer oil and natural gas prices in the fourth quarter — compared to backward in the year — had an impact, said Peter McNally, global sector lead at Third Bridge. "The big relate here for Exxon Mobil is that the company has cheap flexibility and plenty of investment options," McNally added.