Latest financial reports reveal oil giant, Exxon was handed the highest profits ever reported by a western oil company in 2022.
totalling nearly $25 billion, with Marathon enjoying a 46 percent year-over-year increase while Phillips multiplied its 2021 profits by 3.5 times.
Altogether the three oil majors that posted profits on Tuesday raked in over $82.5 billion in profits in 2022, in large part off of the backs of the public. The companies also revealed in earnings calls that they had spent $46.6 billion on stock buybacks and dividends in 2022, perChevron also reported record profits in its quarterlyposted on Friday, which showed that the company doubled its profits last year, gathering $36.5 billion in profits.
These profits come as a result of oil and gas companies’ decades-long strategies to deny the existence of the climate crisis and delay action to draw down fossil fuels. Oil and gas companiesinternally for decades that reliance on fossil fuels would cause major climate destruction, threatening millions if not billions of human lives, but have spent decades covering it up and persuading politicians to let them continue the industry’s grip on the global energy market.
Climate advocates like Henn have called for a windfall tax on Big Oil in response to what they say is price gouging. Theythat such a tax would discourage oil companies from arbitrarily inflating prices while putting money back in the pockets of the public. “Big Oil has imposed a private tax on the American people — to the tune of more than $90 billion from just two companies alone,” said Public Citizen President Robert Weissman in a statement. “This industry is out of control. Big Oil is price gouging us to record profits while destroying the ability of future generations to live on our planet. Meanwhile, consumers spent last year paying high prices to put fuel in their cars and are spending more to heat and power their homes this winter.
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