WASHINGTON, DC – Today, Accountable.US released its updated and conclusive report on Big Oil’s massive second-quarter earnings, showing that the 29 largest oil companies made a record-breaking $138 billion in profits – a 142% increase over the same quarter from last year. According to the report, during the past three months, the companies funneled $34 billion in dividends to their shareholders while dramatically raising gas prices to historic levels for American consumers.
Oil executives boasted about their massive profits during earning calls: Coterra’s CEO described their financial state as an “embarrassment of riches,” and Halliburton’s CEO went so far as to brag that customers will “expect and accept” high gas prices.
Big Oil has profited tremendously this quarter by rapidly raising gas prices to historic highs and artificially maintaining them to squeeze every last dollar of profit from American consumers. When it was all said and done the 29 largest oil companies brought in a jaw-dropping and record-shattering $138 billion in profits. As working and middle-class people struggled to make ends meet under the weight of sky-high gas prices, wealthy oil executives were busy funneling billions of dollars of consumers' hard-earned money to their corporate coughers and wealthy shareholders."
Jordan Schreiber, Director of Energy and Environment at Accountable.US
2022 Second Quarter Earnings by Company:
|Plains All American||$251,000,000|