Big Oil Companies Report Record $51.5 Billion in Profits in Q2
AllSides Summary
Eight of the top Big Oil companies reported $51.5 billion in profits during their Q2 earnings calls.
Three of the top earners — Exxon, Shell and Chevron — grossed a record $46 billion in collective profits while the average price for a gallon of gas hit an all-time high of $5.01 in the U.S. The eight companies saw their income increase by 235% when compared to the same time period last year, according to a report from Accountable.US. The analysis also found that "wealthy shareholders" received $10.5 billion in dividends last quarter.
The report echoed a concern shared by many Americans facing exacerbated prices at the gas pumps that these oil companies exalted their "excellent quarters while dismissing high prices for consumers." President Joe Biden has accused these corporations of price gouging and urged them to increase domestic oil production, saying in June that "Exxon made more money than God this year."
Left-rated coverage accentuated a growing pressure on lawmakers to combat "corporate greed." Right-rated outlets have highlighted how Biden has underplayed inflated gas prices in lieu of an "incredible transition" to renewable energy programs.
Featured Coverage of this Story
From the Left
Oil company profits boom as Americans reel from high fuel prices
The US’s biggest oil companies pumped out record profits over the last few months as Americans struggled to pay for gasoline, food and other basic necessities.
On Friday, ExxonMobil reported an unprecedented $17.85bn (£14.77bn) profit for the second quarter, nearly four times as much as the same period a year ago, and Chevron made a record $11.62bn (£9.61bn). The sky-high profits were announced one day after the UK’s Shell shattered its own profit record.
Soaring energy prices have rattled consumers and become a political flashpoint. “We’re going to make sure everybody...
From the Right
Exxon, Chevron, Shell profits soar on oil's surge
Rising energy prices produced record profits for major oil companies last quarter, when gas prices peaked amid gushing global demand and supply disruptions.
ExxonMobil, Chevron and Shell all posted unprecedented earnings this week, raking in a combined $41 billion for the second quarter ended June, when the average price for a gallon of gas hit an all-time high of $5.01 in the U.S.
Shell reported its second consecutive quarter of record profits on Thursday, saying its Q2 adjusted earnings hit $11.5 billion — blowing past the company's Q1 record of $9.1 billion.
The company...
From the Center
Exxon, Chevron, Shell Report Record Profits on High Energy Prices
Exxon Mobil Corp., Chevron Corp. and Shell PLC, the three largest Western oil companies, banked a record $46 billion in collective profits in the second quarter, fueled by the highest energy prices in over a decade and lucrative oil-refining margins.
Exxon, the largest U.S. oil company, said Friday its second-quarter profit rose to $17.9 billion, its highest ever and nearly four times as much as the same period a year ago, citing rising oil and fuel production, higher energy prices and cost cuts. Rival Chevron also posted a record profit Friday of $11.6 billion, up from $3.1 billion in...
AllSides Picks
June 9th, 2023
June 9th, 2023
Discuss & Debate economy and jobs
Civic Synergy Leadership Program
June 14 at 4pm PT / 7pm ET Civic SynergyMore News about Economy and Jobs from the Left, Center and Right
From the Left
From the Center
From the Right
