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

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"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.

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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5 Responses to Chevron Announces $7.8 Billion in Q3 Profits, 2011 Profits for Big-Five Oil Companies Hit a Staggering $101 Billion

  1. Jay Alt says:

    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.

    • Mulga Mumblebrain says:

      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.

  2. BillD says:

    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

    • Mulga Mumblebrain says:

      They’re probably buying up patents to sit on them, or innovative companies, to close them down.

  3. Bill Goedecke says:

    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.