WASHINGTON, DC – Today, ConocoPhillips announced their massive quarter three profits racking up $4.5 billion this quarter, bringing in over $15 billion in profit this year as they continue to price gouge consumers. This marks 183% increase in profit margins compared to the first nine months of 2021. At the same time, American consumers have been overburdened with historically high gas prices at the pump.
As one of the country’s largest oil companies enjoys its historically high-profit margins, ConocoPhillips’s quarterly earnings report revealed that the company had spent $ 6.5 billion this year on stock buybacks and increased their planned stock buybacks by $20 billion, further enriching its wealthy shareholders.
ConocoPhillips and the oil industry have been waging war on American consumers this year, needlessly squeezing every last dime out of working and middle-class people. It is no surprise that their continued price gouging results in ridiculous profit margins. ConocoPhillips’s bad-faith rhetoric is exposed when instead of providing badly needed price relief, they opted to spend over $9 billion to enrich their wealthy shareholders.”