WEEK AHEAD: With $60 Billion Profits Already Announced, Big Oil Set to Rack Up Billions More
Oil Companies are Price Gouging Americans Families at the Pump, While Rewarding Rich Investors
WASHINGTON, DC — Last week, some of the biggest oil and gas companies released their third quarter profits, breaking profit and buyback records, while working families continue to pay inflated prices at the pump.
This upcoming week, we’ll see continue to profits come out from Big Oil, including:
- BP: November 1
- Marathon Oil: November 1
- ConocoPhillips: November 3
- And more
Here are some of last week’s staggering profits:
- ExxonMobil recorded $20 billion in profits this quarter, a 191% increase from the same period last year, and gave nearly $22 billion to their shareholders.
- Chevron had their second best profits at $11.2 billion and rewarded their shareholders $6.5 billion.
- Equinor, exceeding their predictions, recorded a whopping $24 billion in profits, up 149% from last year’s third quarter.
- Shell reported $9 billion in profits, 128% more than the same quarter last year, and rewarded nearly $7 billion to shareholders.
- TotalEnergies made $9.9 billion in profits this quarter, up 106.81% from last year’s second quarter, and spent $10.8 billion rewarding shareholders.
- Hess made $583 million, a whopping 577.9% increase from the same period last year, and gave nearly $270 million to their wealthy shareholders.
Inflated gas prices and skyrocketing record profits is nothing new for Big Oil. According to a new study, surplus cash for the industry could nearly double, potentially reaching $1.4 trillion. And instead of lowering costs to consumers, oil companies are using their profits to elect MAGA Republicans in office, who plan on repealing the Inflation Reduction Act, and ensuring that Big Oil continues to make staggering profits with little oversight.