DIRTY MONEY: ExxonMobil and Chevron Report $63 Billion in Combined 2023 Profits

Big Oil rakes in billions while price gouging consumers at the pump, fighting climate proposals in court

 

WASHINGTON, D.C. – ExxonMobil and Chevron released their quarterly profits reports, with ExxonMobil reporting $10 billion for the quarter, with $14.9 billion going to dividends and $17.7 billion to stock buybacks in 2023. Chevron reported $6.5 billion in Q4 earnings, and spent $11.3 billion on dividends and $14.9 billion on stock buybacks last year. This brings total 2023 profits to $38.6 billion for ExxonMobil and $24.7 billion for Chevron. 

These massive profit announcements come on the heels of ExxonMobil’s recent lawsuit against responsible investing groups Arjuna Capital and Follow This. The suit alleges that the investors’ motion to hold ExxonMobil accountable to a stricter emissions reduction goal violates SEC rules. 

“ExxonMobil and Chevron CEOs aren’t the ones losing sleep over how they will pay for gas at the pump or doctor’s bills for an asthmatic child, so of course they’re pushing to double down on fossil fuel investment and fighting emissions restrictions,”  said Climate Power’s senior advisor for oil and gas, Alex Witt. “Big Oil continues to make huge profits and use their billions to run ads that greenwash their toxic emissions and fight climate action in court. These same corporate polluters are bankrolling Donald Trump’s campaign for the White House because he has promised to gut President Biden’s clean energy plan and solely invest in oil and gas.” 

President Biden’s climate plan is moving the U.S. away from reliance on profiteering oil and gas companies. In the year since the clean energy plan became law, businesses have announced more than 210,000 new clean energy jobs across 45 states and Puerto Rico totaling $310 billion in new investments. If elected, Donald Trump has promised to gut President Biden’s historic climate investments, giving Big Oil license to keep polluting.