Shell and Conoco Release First Quarter Profits, Bring Total for Top 5 Oil Companies to $35.9 Billion for Q1
WASHINGTON, D.C. – Today, Shell and Conoco released their first quarter profits, coming in at $9.6 billion and $2.92 billion respectively. Their announcements bring the quarterly profits total for just five of the biggest oil and gas companies to $35.9 billion. Instead of using profits to invest in higher production to bring prices down, both companies rewarded their shareholders; Shell spent $4.3 billion on buybacks and $2 billion on dividends, and Conoco spent $1.7 billion on buybacks and $1.5 billion on dividends. Last year, Shell CEO Ryan van Beurden got a pay bump of 37%, bringing his total compensation to $11.9 million.
Big Oil CEOs and their Congressional Republican allies are doing their best to roll back popular clean energy legislation, even though President Biden’s climate plan is creating a job boom across the country and districts represented by House Republicans are benefitting the most. The Congressional Republicans’ Default on America Act passed the House with legislation that would increase energy costs for working families by eliminating consumer rebates on clean and efficient home energy sources.