Shell Reports $9.5 Billion in Q3 Profits, Funnels More Than $6 Billion to Shareholders Instead of Lowering Costs for Consumers
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otalEnergies Also Reports 106% Boost in Profits
WASHINGTON, D.C. – This morning, Shell and TotalEnergies announced massive third quarter earnings and billions of dollars in stock buybacks and dividends. As working Americans struggle to afford basic necessities like gas, billions of dollars are going from the pockets of American consumers into the pockets of oil and gas executives and other wealthy Wall Street shareholders.
Shell reported:
- $9.5 billion in third quarter profits, 128% more than the same quarter last year
- $1.8 billion on dividends
- $5 billion on stock buybacks
- A total of $6.8 billion on rewarding shareholders
TotalEnergies reported:
- $9.9 billion in third quarter profits, up 106.81% from the same quarter last year
- $5.6 billion on dividends
- $5.2 billion on stock buybacks
- A total of $10.8 billion spent rewarding shareholders
The numbers show that instead of using excess profits to lower costs for families, Big Oil executives are looking out for themselves, padding their own salaries and funneling money to already wealthy shareholders. An article from E&E News shows how Big Oil protects its own interests in Congress, too, sending millions to Republican Super PACs like the Congressional Leadership Fund and the Senate Leadership Fund. They know that, if Democrats retain their majority, the industry won’t be able to continue its rampant price gouging and profiteering off the backs of American families.
The stakes for families are high – if Republicans take the majority, they plan to work with oil and gas lobbyists to repeal consumer incentives – up to $14,000 per family – that bring down energy costs by helping consumers upgrade their appliances, heating and cooling systems, and transition away from fossil fuel use at home.