OIL AND GAS INDUSTRY REAPS $78.37 BILLION IN FIRST QUARTER PROFITS AS CEOS AND CONGRESSIONAL REPUBLICAN ALLIES ATTACK CLEAN ENERGY JOBS
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WASHINGTON, D.C. – Following the final Q1 profits announcements from the oil and gas industry today, reported profits from 28 major publicly-traded oil companies soared to $78.37 billion for quarter one. At the end of the first quarter, oil companies held $218.6 billion in cash on their balance sheets. Oil companies have taken advantage of Putin’s invasion of Ukraine to generate what the Wall Street Journal described as “a mountain of cash with few precedents in recent history.” Five of the biggest oil and gas companies made $35.9 billion in combined profits this year, beating their combined profits in the first quarter of 2022 which came in at $35.04 billion.
- ExxonMobil made $$11.6 billion in Q1.
- They spent $4.3 billion on buybacks and $3.7 billion on dividends.
- Chevron made $6.7 billion in Q1.
- They spent $3.8 billion on buybacks and $$2.9 billion on dividends.
- Shell made $9.6 billion in Q1.
- They spent $4.3 billion on buybacks and $2 billion on dividends.
- ConocoPhillips: $2.92 billion in Q1.
- They spent $1.7 billion on buybacks and $1.5 billion on dividends.
- BP: $4.96 billion in Q1.
- They spent $2.5 billion on stock buybacks and $1.2 billion on dividends.
Despite record gains, most of the top U.S. oil and gas companies paid little to no taxes in 2021 and 2022. None of the companies we tracked – including Exxon and Chevron – paid the full statutory 21% corporate income tax rate. If every company had, it would have generated an additional $21.2 billion in revenue for the federal government. Now, Congressional Republicans are trying to roll back vital investments and thousands of jobs created by the Inflation Reduction Act as a handout to their Big Oil allies.