Calls for Big Oil to Cover LA Fire Damage as Chevron, Exxon Report Tens of Billions in 2024 Profits

As Chevron and ExxonMobil on Friday reported tens of billions in 2024 profits, campaigners intensified their demand for Big Oil to pay for the catastrophic levels of destruction caused by recent fires around Los Angeles, California, which were made more likely by the fossil fuel-driven climate emergency.

"As LA residents reel from the damage done to their city, it's important we point out who has been driving the fossil fuel pollution that is turbo-charging climate disasters," said Lela Stanley, head of Fossil Fuel Investigations at Global Witness, in a statement. "Big Oil bosses have worked with their friends in politics to bake dirty fossil fuels into our energy systems, block climate action, and spread lies about climate change to divide and distract us."

"Instead of accounting for our safety or the health of the planet, megarich oil firms like Chevron and Exxon are knowingly driving and profiting from the climate crisis," she continued. "It's time they picked up the costs of repair."

Texas-based ExxonMobil's net income for last quarter was $7.6 billion, bringing its full-year total to $33.7 billion, the company said Friday. Chevron—which last August relocated its headquarters from San Ramon, California, to Houston—had profits of $3.2 billion during the fourth quarter and $17.7 billion throughout 2024, the hottest year on record.

"Just a quarter of these U.S. oil giants' annual profits could pay for $1 million payouts to each LA household that has lost a home."

Responding to the two companies' more than $51 billion in combined earnings, Stanley said that "just a quarter of these U.S. oil giants' annual profits could pay for $1 million payouts to each LA household that has lost a home. What's small change to Big Oil could have a transformative effect on ordinary people's lives."

Chevron earlier this month announced it would donate $1 million total to the American National Red Cross, California Fire Foundation, and Los Angeles Chamber of Commerce Small Business Disaster Recovery Fund to aid recovery from what could be the costliest fire disaster in U.S. history.

Global Witness highlighted the World Weather Attribution's finding that global heating—primarily caused by humanity's continued extraction and use of fossil fuels—made the weather conditions that caused the Los Angeles fires 35% more probable.

"Despite alarm from climate scientists over global heating and a surge in fossil fuel-driven disasters," the organization noted, "Exxon and Chevron have continued to expand their oil production, with the firms producing +4% and +3% more in 2024 than they did in 2023, respectively."

Chevron, the group added, "has actively sought to avoid paying out in the wake of climate disasters like the LA wildfires, spending $30 million with the Western States Petroleum Association—one of the U.S.'s largest fossil fuel trade groups—lobbying against a polluters pay-style bill."

During California's last legislative session, lawmakers introduced, but did not pass, a "climate superfund bill" that would make polluters pay into a fund for disaster prevention and cleanup. The fires have sparked a fresh push for such legislation.

On Monday, California state Sen. Scott Wiener (D-11) introduced a bill that would allow homeowners, businesses, and insurance companies impacted by climate disasters to recover losses by taking legal action against oil and gas companies, which have not only fueled the global climate emergency but also spent decades misleading the public about the harms of their products.

There are also renewed calls for accountability via the courts. California is among the U.S. states and municipalities suing fossil fuel companies—including Chevron and Exxon—for their decades of deception. The Center for Climate Integrity said earlier this month that the latest fires "underscore the importance of California's effort to hold Big Oil accountable in court for its climate lies."

At least 29 deaths are connected to this month's fires in the state. Attorney and Public Citizen Climate Program Accountability Project director Aaron Regunberg last year co-authored a legal memo about bringing criminal charges against fossil fuel companies. During a January 16 press conference, he said that "it's involuntary manslaughter to recklessly cause a death. Local prosecutors should consider whether Big Oil's conduct here amounts to violations of these kind of criminal laws."