"ConocoPhillips Announces $3.4 Billion in Q4 Profits — Bringing 2011 Profits to $12.4 Billion"
by Noreen Nielsen
This morning, ConocoPhillips announced its 2011 fourth-quarter earnings, reporting profits of $3.4 billion — a 66 percent gain– bringing total profits in 2011 to $12.4 billion. Below is a quick look at some other facts about ConocoPhillips:
- ConocoPhillips has spent over $16 million lobbying Congress in 2011, ranking in as the fifth largest spender last year – and number one in the oil and gas industry.
- ConocoPhillips has contributed over $200,000 to federal campaigns in 2011, with 90 percent of the contributions going to Republicans.
- ConocoPhillips used 88 percent of their 2011 profits – $11 billion – to buy back their own stock. That enriches their shareholders, but it doesn’t add to oil supplies or investments in alternative fuels or other new technologies.
- The five biggest oil companies – BP, Chevron, ConocoPhillips, ExxonMobil, and Shell – are likely to make $130 billion in profits in 2011. Added together, the Big Five oil companies are sitting on cash resources of $59 billion and made nearly $1 trillion in profits over the past decade.
Chevron Corp. plans to release its quarterly figures on Friday, followed by Exxon Mobil Corp. and Royal Dutch Shell next week.