MEMO: Q3 Energy Corporation Profits – What to Expect and When

As OPEC considers cutting oil production by over 1 million barrels, and temperatures start to drop, households across the country are seeing home energy bills rise more than usual for the season change, as well as the possibility of artificially inflated gas prices. For many this winter, heftier bills will mean sacrificing other necessities to keep their families safe and comfortable. The consumer energy costs are stressful, but they aren’t surprising – for decades, oil and gas corporations have taken advantage of their hold on the United States’ energy system to raise prices artificially, passing on costs to working families while raking in profits and padding shareholders’ pockets. Beginning in late October and spanning until just before the election, fossil fuel-linked energy companies will release their third quarter profits. The profits will be revealing as Americans pay more for basic necessities.

Here are some key dates to keep in mind as prices rise: 

Company Expected Q3 Release Date Company Expected Q3 Release Date
TechnipFMC 10/19/2022 Marathon Oil Corp. 11/1/2022
Halliburton 10/25/2022 Devon Energy 11/2/2022
Valero Energy 10/25/2022 Pioneer Natural Resources 11/2/2022
EQT Corp. 10/26/2022 Coterra Energy Inc. 11/2/2022
Hess 10/26/2022 APA Corp 11/2/2022
Shell 10/27/2022 Occidental Petroleum 11/3/2022
TotalEnergies SE 10/27/2022 Cheniere Energy Inc. 11/3/2022
Equinor 10/28/2022 ConocoPhillips 11/3/2022
ExxonMobil 10/28/2022 Murphy Oil 11/3/2022
Phillips 66 11/1/2022 Chevron 11/4/2022
Marathon Petroleum 11/1/2022 Enbridge 11/4/2022
BP 11/1/2022 TC Energy 11/4/2022
Chesapeake Energy 11/1/2022 EOG Resources 11/4/2022
Ovintiv Inc. 11/1/2022 Diamondback Energy Inc. 11/7/2022
NextEra Energy 10/19/2022 Exelon Corp. 11/2/2022
Southern Company 11/3/2022 Pinnacle West Capital Corp. 11/4/2022
Duke Energy Corp. 11/3/2022 Edison International 11/1/2022
Pacific Gas & Electric 11/7/2022 Xcel Energy Inc. 10/27/2022
Dominion Energy 11/4/2022 DTE Energy Co. 10/26/2022

High prices and even higher profits are nothing new. Just this summer, as Americans dug out from pandemic losses, Big Oil raised their prices, blaming the eye-popping price for a gallon of gas on Russia’s invasion of Ukraine. They failed to mention that while global instability and foreign control of oil reserves does make gas a volatile commodity, they were purposely price gouging, intentionally keeping supply low in order to rake in record profits. It worked. 

In the second quarter, almost every major oil producer saw record profits: 

  • BP saw a 202% increase in profits, coming in at  $8.45 billion. BP paid out $2.3 billion in stock buybacks and $1.06 billion in dividends.
  • Marathon had a 1,200% increase in profits, which totaled $5.69 billion. Marathon spent a total of $6.82 billion on rewarding shareholders.
  • ExxonMobil saw a 273% increase in profits for a total $17.5 billion, and paid out $6 billion in stock buybacks and $7.5 billion in dividends.
  • Chevron saw a 247% increase in profits, over the same period last year, totaling $11.4 billion, and paid out $2.5 billion in stock buybacks and $2.8 billion in dividends.
  • Shell reported a 107% increase in profits, which totaled $11.5 billion. Shell paid out $5.54 billion in stock buybacks and $1.85 billion in dividends.