"Chevron Pockets $26.9 Billion in Profits in 2011, Spends 16% — $4.35 billion — To Buy Back Stock"
by Rebecca Leber
Chevron Corp. announced fourth-quarter earnings today of $5.1 billion, falling from $5.3 billion a year earlier. However, the second-largest U.S. energy company had a record year-end profit of $26.9 billion, a 23.3 percent jump since 2010. Here are a few other useful facts about Chevron:
- Chevron has spent more than $9 million lobbying Congress in 2011.
- Chevron contributed $467,996 to federal campaigns in 2011, with 91% to Republican candidates.
- Chevron is the third-largest campaign contributor in the oil and gas industry.
- Chevron had $13 billion in cash on hand last year. The five oil companies collectively have cash resources of $59 billion.
- The company spent $1.25 billion on stock repurchases for Q4. They spent 16 percent — $4.35 billion — of annual profit to reinvest in their own stock. That enriches their shareholders, but it doesn’t add to oil supplies or investments in alternative fuels or other new technologies.
Earlier this week, ConocoPhillips reported record fourth-quarter profits of $3.4 billion — a 66 percent gain, with a 2011 profit totaling $12.4 billion. Exxon releases its fourth-quarter results this coming Tuesday.