12 May 2022 7:05 pm
ttps://gizmodo.com/chevron-exxon-profi ... 1848860042
Everybody’s favorite mass polluters, and the two largest U.S. petroleum companies, are having a banner year so far.ExxonMobil and Chevron released their earnigs summaries for the first three months of 2022. And, surprise, while people in the U.S. were paying some of the highest-ever average prices at the pump, the oil giants were absolutely raking it in.Exxon reported earnings of $5.48 billion between the start of January and end of March, more than double the $2.73 billion it earned in the same period last year. And this was after the company incurred a $3.4 billion “after-tax charge” (i.e. loss) from discontinuing its operations in Russia.
Chevron did even better, reporting total earnings of $6.26 billion in the first quarter of 2022, compared with $1.38 billion for 2021's first quarter. That’s more than a 4.5-times increase, and the company’s most profitable quarter in almost a decade, since it reported $7.2 billion in net income at the end of 2012. “Human energy” indeed.Neither company increased its overall production in the first part of 2022. Exxon’s production was down 4% from last quarter, and Chevron produced 40,000 fewer barrels of oil per day between this quarter and last. Instead, the petroleum corporations seem to be simply reaping the benefits of high barrel prices.
As a reminder, the currently high gas prices are not due to any production issues. Oil companies spent the 2010s actually overproducing, and they suffered financially for it. Fossil fuels stayed cheap, and we stayed reliant on them. Exxon and Chevron might try to argue they’re earning these new profits because they’ve swooped into save the day amid global conflict or that the Biden Administration is to blame for high gas prices because they’ve restricted the industry. Yet, neither is true.
YET THE MOUTHY *** POLITICAL WHORES AT POOTY'S FOXAGANDA BLAME OUR PRESIDENT JOE BIDEN!
TURN OFF THE SCUMBAGS AT FOX & VOTE BLUE THIS FALL TO SHOW THEM THAT AMERICANS HAVE HAD ENOUGH OF THEIR POLITICAL LIES!
Everybody’s favorite mass polluters, and the two largest U.S. petroleum companies, are having a banner year so far.ExxonMobil and Chevron released their earnigs summaries for the first three months of 2022. And, surprise, while people in the U.S. were paying some of the highest-ever average prices at the pump, the oil giants were absolutely raking it in.Exxon reported earnings of $5.48 billion between the start of January and end of March, more than double the $2.73 billion it earned in the same period last year. And this was after the company incurred a $3.4 billion “after-tax charge” (i.e. loss) from discontinuing its operations in Russia.
Chevron did even better, reporting total earnings of $6.26 billion in the first quarter of 2022, compared with $1.38 billion for 2021's first quarter. That’s more than a 4.5-times increase, and the company’s most profitable quarter in almost a decade, since it reported $7.2 billion in net income at the end of 2012. “Human energy” indeed.Neither company increased its overall production in the first part of 2022. Exxon’s production was down 4% from last quarter, and Chevron produced 40,000 fewer barrels of oil per day between this quarter and last. Instead, the petroleum corporations seem to be simply reaping the benefits of high barrel prices.
As a reminder, the currently high gas prices are not due to any production issues. Oil companies spent the 2010s actually overproducing, and they suffered financially for it. Fossil fuels stayed cheap, and we stayed reliant on them. Exxon and Chevron might try to argue they’re earning these new profits because they’ve swooped into save the day amid global conflict or that the Biden Administration is to blame for high gas prices because they’ve restricted the industry. Yet, neither is true.
YET THE MOUTHY *** POLITICAL WHORES AT POOTY'S FOXAGANDA BLAME OUR PRESIDENT JOE BIDEN!
TURN OFF THE SCUMBAGS AT FOX & VOTE BLUE THIS FALL TO SHOW THEM THAT AMERICANS HAVE HAD ENOUGH OF THEIR POLITICAL LIES!