On Aug. 5, Accountable.US released an updated report showing that the 26 largest oil companies made a record-breaking $90 billion in profit in the second quarter of 2022 — a 183% increase over the same quarter from last year.
Some firms, such as Phillips 66, reported net profit increases up to 981%. In the last three months, these big oil companies funneled $15 billion in dividends to their shareholders while raising gas prices to historic levels for American consumers.
In private, oil executives boasted about their massive profits during quarterly earning calls, Coterra’s CEO described their financial state as an “embarrassment of riches,” and BP’s CEO went so far as to brag about their record-setting earnings as the “upside from high prices.”
Jordan Schreiber, director of energy and environment at Accountable.US, stated:
“Over the last three months Big Oil has ruthlessly exploited consumers at the pump by needlessly maintaining historically high gas prices resulting in the 26 largest oil companies earning a mind-blowing and record-breaking $90 billion in profit.
“While working people and small businesses were forced into an impossible position trying to make ends meet and afford sky-high gas prices, wealthy oil executives were busy bragging about their massive profits and funneling $15 billion dollars to wealthy shareholders.”
Oil companies saw profits skyrocket in the second quarter of 2022 compared to the same time last year, jumping up by as much as nearly 1,000%.