Riding on the wave of sky-high gas prices and industry-wide price hikes, oil giant Exxon was handed the highest profits ever reported by a western oil company in 2022, its latest financial report reveals. The company reported on Tuesday that it made a net profit of $55.7 billion in 2022, roughly 2.5 times its 2021 profits of $23.6 billion. This represents $6.3 million in profits per hour on… Source Source / Read More: Sky-High Gas Prices Handed Exxon a Record $6 Million in Profit Per Hour in 2022
Exxon
Chevron More Than Doubled Its Profits Last Year as Gas Prices Squeezed Wallets
As Americans were struggling to afford to survive due to skyrocketing gas prices and facing horrific environmental disasters worsened by the climate crisis, fossil fuel giant Chevron was having its most profitable year in history, the company’s latest revenue report reveals. In its quarterly report published on Friday, Chevron announced that it collected a profit of $36.5 billion in 2022. Source Source / Read More: Chevron More Than Doubled Its Profits Last Year as Gas Prices Squeezed Wallets
Oil Companies Claim They’re Going Green — But Their Investments Show Otherwise
This story was originally published by Grist. You can subscribe to its weekly newsletter here. The biggest oil companies remain mired in the business of selling fossil fuels, but their marketing is all about going green. Well over half of Big Oil’s advertisements promote the message that they have embraced clean energy and emissions reductions, and other such “green claims,” according to a new report from InfluenceMap, a think tank based in London. Researchers found that BP, Chevron, ExxonMobil, Shell, and TotalEnergies spent an estimated $750 million last year to promote a climate-friendly image — and the report calls that…
Oil and Gas Industry Profits Climbed as Americans Faced High Gas Prices in 2021
The fossil fuel industry experienced a boom in profits during the first nine months of 2021, raking in tens of billions of dollars as Americans faced a jump in gas prices. A new report by Accountable.US shows that 24 top oil and gas companies made $174 billion in profits between January and September, lining shareholders’ and CEOs’ pockets. Sixteen of those companies raised their dividend at least once in 2021, the report found, and most of their CEOs had compensation packages of over $10 million. Companies like Exxon and Chevron have posted high profits in the third quarter of 2021;…