The Progressive


A project of Common Dreams

For Immediate Release

Pablo Willis,

Price Gouging Payout: Exxon, Marathon & Phillips 66 Posts $82.5B in Profits After Record High Gas Prices, Vows to Give $54B to Wealthy Shareholders

Today, Big Oil giants Exxon, Marathon Petroleum, and Phillips 66 formally announced their profits from the fourth quarter of last year, racking up $18.3 billion in the final quarter, bringing in over $82.5 billion in profit last year. This marks a 148% 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 three of the countries’ largest oil companies enjoyed historically high-profit margins last year, their fourth-quarter earnings call revealed that they had spent $46.6 Billion in 2022 on stock buybacks and dividends, further enriching their wealthy shareholders.

"Over the course of the last year, Big Oil companies like Exxon waged an all out war on American consumers, ruthlessly squeezing historic profits out of working and middle-class people.," said Jordan Schreiber, Director of Energy and Environment at Accountable.US. "As more evidence of the industry’s out-of-control profiteering comes to light, we expect the new MAGA majority on the House Energy and Commerce Committee to use today’s hearing to advance the interests of wealthy industry executives and leave their constituents behind.”

Oil Company Profits chart via Accountable.US

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.