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BP America, Chevron, and Phillips 66 Have Confirmed Their Attendance for Tomorrow’s Meeting – Shell and Exxon Have Not

 

WASHINGTON, DC – In advance of the Biden administration’s meeting with Big Oil executives tomorrow to discuss high gas prices, Accountable.US provided critical context, pointing to record oil industry profits and massive payouts to already wealthy industry executives and shareholders.

Chevron Chair and CEO Mike Wirth responded to the Biden administration’s invitation in a letter saying his company would attend the meeting and complaining the White House has “has largely sought to criticize, and at times vilify, our industry. These actions are not beneficial to meeting the challenges we face and are not what the American people deserve.”

“

American consumers continue to be squeezed at the gas pump while wealthy oil and gas companies rake in record profits. Big Oil could bring prices down today by ending the profiteering currently padding their bottom line. Industry executives like Chevron’s Mike Wirth blame the White House for high gas prices and whine about being criticized for spending billions from their windfall they themselves engineered on massive payouts to industry executives and shareholders rather than lowering gas prices for struggling consumers.”

Jordan Schreiber, Accountable.US Director of Energy and Environment
THE FACTS:

Exxon, BP America, Marathon Petroleum, Chevron, Shell, Valero Energy, and Phillips 66 – the seven companies invited to meet with Energy Secretary Jennifer Granholm and White House officials tomorrow – raked in nearly $24 billion in profits in the first three months of 2022 – more than double their profits from the same time in 2021.

The same companies gave $19 billion to shareholders through massive dividend payouts and stock buybacks. Big Oil plans to give even more of its profits to shareholders as 2022 continues, with billions more in stock buybacks and dividends already scheduled.

Additionally, CEOs from Exxon, BP America, Marathon Petroleum, Chevron, Shell, Valero Energy, and Phillips 66 took home over $123 million in compensation in 2021, including more than $12 million in bonuses.

Thus far, only BP America, Chevron, and Phillips have confirmed they will attend the meeting.

On the company’s Q1 2022 earnings call, Halliburton’s CEO said oil and gas companies are creating a “perpetual threat of undersupply” to boost commodity prices, which would allow them to keep consumer gas prices high so they can continue showering billions on executives and shareholders.

Read the full Accountable.US analysis here.

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