- Dec 1, 2017
- Reaction score
- Political Leaning
Even before Vladimir Putin’s invasion of Ukraine shocked energy markets and sent oil prices to over $100 a barrel, Exxon was banking obscene profits. On February 1, the Texas-based fossil fuel giant announced profits of almost $9 billion for the fourth quarter of 2021—its biggest take in seven years.
Exxon didn’t have to party alone; Chevron, Shell, and BP were announcing surpluses of only slightly less startling proportions.
“Combined, the four companies raked in $24.4 billion in quarter four of 2021, bringing their total profits for last year to over $75.5 billion. Chevron, Shell, BP, and Exxon used these bloated profits to shower billions onto their shareholders—including their wealthy executives whose salaries are heavily padded with stocks,” reported the watchdog group Accountability.US.
“In 2021, the four companies bought back over $6.6 billion in stocks while hiking up their dividends. And the oil giants are planning for an ‘even better’ 2022 for shareholders, with plans already in place to buyback over $22 billion in stock thanks to high oil prices.”
In fact, 2022 could be dramatically better for Exxon and the other major oil companies.
Price-Gouging Oil Companies Need to Pay a Windfall Tax
Prices at the pump are shooting up as oil companies turn massive profits. A windfall-profits tax could go a long way toward providing relief for working families.