The Progressive


A project of Common Dreams

For Immediate Release

Big Oil Giants Shell & ConocoPhillips Squeeze $61 Billion in Profits Out of American Consumers, Executives Vow to Give $14 Billion to Wealthy Shareholders

Today, Big Oil giants Shell and ConocoPhillips formally reported their profits from the fourth quarter of last year, taking in an eye-popping $13.7 billion in the final quarter, bringing in $61 billion in profit last year. This marks a 121% increase in profit margins compared to 2021. While Big Oil profited massively in 2022, American consumers were overburdened with historically high gas prices at the pump.

As two of the countries’ largest oil companies enjoyed historically high-profit margins last year, their fourth-quarter earnings call revealed that they had spent $41 billion in 2022 on stock buybacks and dividends, further enriching their wealthy shareholders.

"Last year, Big Oil companies like Shell waged an all-out war on American consumers, ruthlessly extracting every last dime out of working and middle-class people," said Jordan Schreiber, Director of Energy and Environment at Accountable.US. “It’s become undeniable that the industry's unchecked greed has led to obscene and sustained price gouging. Instead of holding the industry accountable, the new MAGA majority seems hell bent on doing the bidding of wealthy oil executives as their constituents pay the price.”

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.