Exxon Reports All-Time Record $20 Billion Profit, Shovels Additional $21 Billion To Shareholders
After Price Gouging Consumers, ExxonMobil CEO Claims Dividends Are Offering Relief to American Families Suffering Pain at the Pump
FOR IMMEDIATE RELEASE
October 28th, 2022
Contact: Erik Mebust, [email protected]
WASHINGTON, DC – Today, ExxonMobil reported all-time record third quarter profits of $20 billion– a 191% increase in profits over the same period last year, and a 12% increase from last quarter. They were joined by Chevron, who released profits of $10.8 billion, up 90% from the same quarter last year, and Equinor, which reported $24 billion, up 149% from the same quarter last year and 38% from the previous quarter this year. All told, in the first 3 quarters of the year the oil and gas industry reported enough in payments to their wealthy shareholders to give every American over $1,300 in cash.
“The greed of these oil and gas executives is staggering,” said Lori Lodes, Executive Director of Climate Power. “What’s even more astonishing is that ExxonMobil’s CEO thinks $21 billion in stock buybacks and dividends that will only further enrich himself and other wealthy Wall Street investors makes up for the rampant price gouging that has caused families to suffer for months.
“And on top of all of it is the corruption of the Republicans in Congress working to enable this highway robbery. After voting against price-gouging legislation, House Republicans announced today that if they win the election they are going to hold hearings to defend Big Oil’s right to charge higher prices. Voters must hold them accountable for their duplicity this November.”
Reports show that the oil and gas industry is spending big to put Republicans in control of Congress. Chevron was among the Congressional Leadership Fund’s largest contributors this cycle at $3 million, with other oil and gas groups not far behind. Republicans in Congress are rewarding them by planning to repeal the Inflation Reduction Act, scheming with lobbyists to overturn bedrock environmental protections, and investigating President Biden’s use of the Strategic Petroleum Reserve, which has lowered gas prices for working families.
Oil and gas executives are trying everything they can to direct attention away from their profiteering. In prepared remarks, ExxonMobil CEO Darren Woods compared his payouts to wealthy shareholders to charging lower prices at the pump: “There has been discussion in the US about our industry returning some of our profits directly to the American people. That’s exactly what we’re doing in the form of our quarterly dividend.” The wealthiest 10% of Americans own 89% of all stock in the U.S.
Republicans – both on the ballot and in office – falsely claim that President Biden has slowed domestic drilling and oil production, sending energy prices higher. In reality, domestic energy production under President Biden is hitting record highs, and is on track to set more records next year, and gas prices have been falling for weeks. These record profits prove that the blame falls squarely on the shoulders of oil executives who are sitting on unused leases to send prices higher and bolster their profits:
- ExxonMobil gouged consumers at the pump and shoveled the money to their wealthy shareholders. In Q3 alone, Exxon paid out $10.5billion in stock buybacks and $11.72 billion in dividends, for a total of almost $22 billion on rewarding shareholders.
- Chevron also gouged consumers at the pump and shoveled the money to their wealthy shareholders. In Q3 alone, Chevron paid out $3.8 billion in stock buybacks and $2.7 billion in dividends, for a total of almost $6.5 billion on rewarding shareholders.
- So far this quarter, the oil and gas industry has reported returning more than $54 billion to shareholders.
- All told, the oil and gas industry has made over $290 billion in profits so far this year, returning more than $155 billion to their shareholders at the expense of the working families paying inflated prices for their products.
- That’s enough money in profits, dividends, and stock buybacks reported so far in the first 3 quarters of the year to give every American over $1,300 in cash.