Chevron Announces $6.8 Billion in Q3 Profits, 2011 Profits for Big-Five Oil Companies Hit a Staggering $101 Billion
"Chevron Announces $7.8 Billion in Q3 Profits, 2011 Profits for Big-Five Oil Companies Hit a Staggering $101 Billion"
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.
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