ExxonMobil and Chevron announce Q1 windfall profitsTwo Big Oil giants would owe $5.4 billion under proposed windfall tax legislation
WASHINGTON – ExxonMobil and Chevron, the two largest oil companies in the US, announced today their first quarterly profits since the Russian invasion of Ukraine.
ExxonMobil reported Q1 earnings of $5.5 billion even after accounting for a $3.4 billion impairment based on its exit from Sakhalin-1 in Russia. The company also announced plans to increase share buybacks to $30 billion through 2023, tripling the initial $10 billion program it initiated in January. Chevron reported Q1 earnings of $6.3 billion, a nearly 20 percent increase over its $5.1 billion earnings from the previous quarter.
Numerous legislative proposals are swirling to tax the excess profits of Big Oil and other companies profiteering from war and inflation. Based on the announced windfalls today, the Ending Corporate Greed Act from Senator Sanders and Representative Bowman would tax ExxonMobil $1.6 billion and Chevron $3.8 billion, for a total windfall profits tax of $5.4 billion.
Friends of the Earth Program Manager Lukas Ross issued the following statement in response:
If Congress bothered to tax windfall profits, these two companies would face a combined bill of $5.4 billion for just three months of war profiteering and price gouging. Letting polluters rake in obscene profits at the expense of consumers and the climate is simply unconscionable. It’s time to send Big Oil an invoice.