ExxonMobil reported its highest profit in seven years in 2021, thanks to surging energy prices, which boosted the company’s income by more than $100 billion. The largest oil company in America earned $23 billion for the year, compared to a loss of $1.4 billion, excluding special items, in 2020.

ExxonMobil reported revenue of $285.6 billion in 2021, up from $181.5 billion in 2020, thanks to higher oil, natural gas, and petrochemical prices. The fourth quarter’s revenue of $85 billion was up 83% year over year and 15% from the third quarter of 2021.

Oil prices have risen dramatically this year as OPEC and other oil producers, such as Russia, have reduced output. Meanwhile, US output was hampered in 2020 by extensive bankruptcies across the industry, as well as oil drillers’ apprehension about producing more oil after the price drop in 2020.

ExxonMobil’s full-year earnings were the highest since 2014, but the $104 billion increase in revenue in a single year was particularly impressive. It demonstrates how high oil and natural gas prices have boosted the entire industry.

The corporation declared that it would begin a $10 billion share repurchase programme using its windfall. ExxonMobil’s stock was marginally higher in premarket trading. Through Monday’s close, the stock has gained 24% this year and 84% since the start of 2021.