Exxon and Chevron Report $9.1 and $5.7 Billion in Profits Respectively as Backers in Congress Put Profits Over People
WASHINGTON, D.C. – Today, Exxon and Chevron reported billions in Q3 profits, right after announcing mergers with Pioneer and Hess to continue reinvesting in climate-killing fossil fuels. Exxon reported $9.1 billion in profits, with $3.7 billion spent on dividends and $4.4 billion on stock buybacks. Chevron reported $5.7 billion in profits, and spent $2.9 billion on dividends and $3.4 billion on stock buybacks.
This revelation comes as House Republicans elected Big Oil darling Mike Johnson as House Speaker. Johnson has taken more than $338,000 from the oil and gas industry – his biggest donor – in just four terms, and Republicans took a total of $39.4 million in campaign contributions from the oil and gas industry in the 2022 cycle. As oil profits roll in, Republicans threaten to repeal President Biden’s landmark legislation, the Inflation Reduction Act, and end America’s clean energy plan.
“Chevron and Exxon continue to put profits over people as they backtrack on previous climate promises, instead doubling down on their investments in oil and gas and turning their backs on consumers who want to save money with clean energy,” said Climate Power senior advisor for oil and gas Alex Witt. “Big Oil continues to prioritize their profits over working families and a cleaner future, and their Republican allies seem to think the answer to every problem is ‘drill baby, drill.’ We know it’s not.”
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 170,600 new clean energy jobs in 44 states across the country totaling $278 billion in new investments for local economies, with more announced every day.