Exxon CEO Slams Biden Admin: ‘The White House Needs To Get Its Facts Straight’

Exxon CEO and Chairman Darren Woods pushed back against the White House on Tuesday on CNBC amid criticism of oil companies increasing profits.

The White House issued a statement Friday criticizing oil companies for allegedly using profits to pay shareholders rather than increasing output. The announcement came after Chevron announced their profits nearly doubled in 2022. Chevron also said it would triple its spending on share repurchases, according to Reuters.

“Companies clearly have everything they need – record profits and thousands of approved permits – to increase production,” White House spokesperson Abdullah Hasan said, according to Reuters. “The only thing getting in the way is their own decision to keep plowing windfall profits into the pockets of executives and shareholders instead of using them to boost supply.”