by Noreen Nielsen
Chevron announced their 2011 third-quarter results earlier today, reporting $7.83 billion in profits, more than doubling their third-quarter net income, and bringing its total earnings for 2011 to over $21 billion. Chevron ranks in as the third largest oil and gas contributor in 2011, coming in just behind Exxon Mobile and Koch Industries.
- Chevron has spent nearly $7 million on lobbying this year, the fourth highest of oil and gas industries.
- Chevron has contributed over $315,000 to federal campaigns n 2011, with 90% going to Republicans.
- Chevron is sitting on $13 billion in cash on hand. Added together, the Big Five oil companies — BP, Exxon, Chevron, ConocoPhillips and Shell — are sitting on cash resources of $59 billion and made nearly $1 trillion in profits over the past decade.
- Chevron currently ranks third in the Fortune 500 list of company profits, yet continues to receive billions of dollars in tax breaks paid for by American taxpayers.
- Chevron’s Chairman and CEO John Watson received nearly $16.3 million in total compensation in 2010, an 85% increase from 2009.
The five Big Oil companies earned over $32 billion in profits in the third-quarter of 2011, bring their overall profits for 2011 to a staggering $101 billion.
Related posts on Q3 oil profits:
- As Oil Companies Announce $24 Billion in Profits, Rep. Stearns Says, “When Somebody is Successful, Then You Give Them Subsidies”
- Exxon Mobil Profits Jump 41%, to $10.3 Billion
- Royal Dutch Shell Doubles Q3 Profits Over Last Year, Climbing to $6.9 Billion
- ConocoPhillips Announces $2.6 Billion in Q3 Profits
- BP Doubles Profits in Third Quarter to $4.9 Billion
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Note, most profits are used to buy up outstanding shares rather than invest in reasonable, sustainable energy sources. That’s the story of the Rex Tillerman years at Exxon-M (and others firms). RT has stock options worth 3x his salary. Gotta jack up those stock prices.
The Extraction Economy is hard at work here. It transfers wealth from states & people without oil to those that own it, due to dumb luck of geology or accident of birth.
Don’t forget the loose change they invest in buying the political system and financing the denialist industry and the Tea Party dementors as well. Corporate plutocracy equals serfdom and the return to feudal rule, plus media saturation for brainwashing purposes and to keep stimulating pointless consumption, now more or less the sole purpose for human existence.
I’m getting really tired of the Chevron add that I see on PBS, saying that they are investing “millions” in renewable energy. I’d like to know how many millions. Unless it is at least 100s of millions, it’s just pocket change for such a big company
They’re probably buying up patents to sit on them, or innovative companies, to close them down.
Chevron reports drop in production (from Financial Times, Fri, Oct 28) – Chevron’s global net oil-equivalent production was 2.6m barrels per day in the third quarter, down from 2.74m bpd in the same period last year, on maturing fields and maintenance-related downtime. ExxonMobil, BP & ConocoPhillips also reported production declines. Only (meaning the western majors I guess) Shell reported 3rd qrt production rise due to oil sands project in Canada and gas projects in Qatar.