US oil giant ExxonMobil yesterday announced a record $55.7billion (£45.2billion) in profits last year - sparking a fierce reaction from the White House.
This was more than double 2021's figure, and is likely to renew pressure on the industry after some countries, including the UK, imposed extra taxes on the profits of producers last year.
Exxon has criticised such measures as counter-productive. Last month, it sued the European Union over a new windfall levy.
The company has also has spoken out against similar proposals in the US, where President Joe Biden has sought to focus blame for last year's high motor-fuel costs on companies failing to spend their profits to boost supply.
The White House said it was "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 Putin's invasion (of Ukraine).
"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."
'Get facts straight'
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.
He told investors that the profits were a vindication of the firm's strategy.
"Of course, our results clearly benefited from a favourable market but, to take full advantage of the undersupplied market, our work began years ago," Mr Woods said.
"We leaned in when others leaned out, bucking conventional wisdom."
The BBC says Exxon's shares sank sharply in 2020, when demand for oil tumbled, leading the firm to report its first loss in decades.
But the price of its shares has soared since 2021, especially since oil prices jumped when the war in Ukraine disrupted energy supplies last year.
Reducing costs
The firm said it had been working hard to reduce costs, and profits would have been even higher without windfall taxes in Europe.
Exxon said it increased investment by about 38% last year.
Oil production jumped by about 3% in 2022 - to 2,354,000 barrels per day from 2,289,000 barrels per day in 2021.