Big Oil posts big profits, big payouts for shareholders

Big Oil posts big profits, big payouts for shareholders

  • 05/02/2022 1:02 pm ET
Piles of money

Pixabay

Years of fracking for oil and gas in the Permian Basin have put Texas on the verge of on pace to overtake California and Alaska as the most earthquake-ridden state, while Exxon and Chevron post huge profits from skyrocketing consumer prices due to the pandemic and the Russian invasion of Ukraine.

Exxon reported $5.5 billion in Q1 profits, even after writing down $3.4 billion in its divestment from Russia, and Chevron reported netting $6.3 billion, quadrupling its Q1 2021 profits.

Progressives on Capitol Hill have called for taxes on the windfall profits enjoyed by oil companies, who are using the high prices to significantly increase dividends and buybacks instead of increasing production or otherwise lowering prices for consumers.

Republished from Nexus Media News, an editorially independent, nonprofit news service covering stories about climate change. It exists to improve public understanding of the climate crisis, shed light on the steps humans can take in response, and highlight the potential opportunities created by a just energy transition.

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