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For Immediate Release

Contact

Karl Frisch, 202-580-5813

Press Release

Exxon, Chevron Rake in Over $12b in First Three Months of 2022

High Consumer Prices Fuel Profits, Companies Spend Billions on Dividends and Stock Buybacks Benefiting Their Wealthy CEOs
WASHINGTON -

Today, government watchdog Accountable.US responded to news that oil industry giants Exxon and Chevron raked in more than $12 billion in profits during the first three months of 2022, by pointing to high consumer gas prices and the billions each company spent on stock buybacks and dividends to benefit their wealthy executives rather than stabilizing prices for consumers.

“This year is shaping up to be even better than the last for oil giants like Exxon and Chevron. Unfortunately for consumers, good news for big oil bottom lines never seems to be good news for them,” Jordan Schreiber, Director of Energy and Environment at Accountable.US. “Exxon and Chevron would rather take their billions in profits and pass them on to wealthy industry executives than do anything to stabilize gas prices for consumers.”

Read the full Accountable.US report here.

Chevron:

  • Chevron’s net income in Q1 2022 was $6.3B. It made $4.879 billion more in Q1 2022 than the same time in 2021. [Chevron, press release, 04/29/22]
  • Chevron paid $2.7B in dividends in Q1 2022 with $1B more than expected to be paid out during the year thanks to high oil and gas prices.
  • Chevron bought back $1.3B in stock in Q1 2022 out of a record $10B potential stock buyback plan.
  • Stock buybacks and dividend payouts benefit Chevron’s CEO whose paycheck is heavily padded by company shares – 54% of Mike Wirth’s $22.6M compensation in 2021 came from stocks.

ExxonMobil:

  • Exxon’s net income in Q1 2022 was $5.75B. Its Q1 2022 net income is $2.954 billion higher than the same time in 2021, despite losing $3.4B by exiting its Russia operations. [ExxonMobil, press release, 04/29/22]
  • Exxon began $30B in stock buybacks in 2022 (through 2023) thanks to its high profits, repurchasing $2.1B shares in the first three months of the year. This is a $20B increase from its estimate in December 2021.
  • Exxon paid $3.76B in dividends in Q1 2022 -- stock buybacks and dividend payouts benefit the company’s CEO whose paycheck is heavily padded by company shares -- 57% of Darren Woods’s $23.6M compensation in 2021 came from stocks.

According to widely reported Accountable.US analysis, last year, top oil and gas companies announced an eye-popping $237 billion in profits. During the same period, executives from 28 of the top oil and gas companies made a combined $394 million in total compensation. The executives raked in, on average, $1.6 million more per person in 2021 than in 2020.

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Accountable.US is a nonpartisan watchdog that exposes corruption in public life and holds government officials and corporate special interests accountable by bringing their influence and misconduct to light. In doing so, we make way for policies that advance the interests of all Americans, not just the rich and powerful. 

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