by Daniel J. Weiss and Rebecca Leber

Together the big five oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Shell—earned a combined $33.5 billion, or $368 million per day, during the first quarter of 2012.

Recall that these companies made a combined record profit of $137 billion in 2011, mostly due to high oil and gasoline prices. Their ongoing huge earnings mean that these companies do not need $24 billion for a decade’s worth of tax breaks, particularly since the three American companies pay relatively low effective federal tax rates.

Profits for Chevron continued to grow during the first quarter of 2012 compared to this time last year, while they fell slightly for Shell and ConocoPhillips. ExxonMobil and BP saw a decline in first-quarter profits mainly due to reduced oil production (both) and very low natural gas prices (Exxon).

Cumulatively, profits were 7 percent lower than the first quarter of 2011. And more than one-quarter of these profits were used to repurchase companies’ stock. Meanwhile, CEO compensation grew by a whopping average of 55 percent.

Below we dig a little deeper into the big five’s latest earnings—including how they spent them—and explain why companies this profitable should not be receiving billions in tax breaks especially when this money could be spent on other national priorities.

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Chevron posted a modest 4.2 percent increase in first-quarter profits compared to 2011, increasing net gains from $6.2 billion to $6.5 billion. That still translates to more than $71 million per day in the first three months of 2012.

Despite a drop in production, a 12 percent increase in average oil prices boosted Chevron’s profits this quarter.

Meanwhile, Chevron has faced recent protests in California, home to Chevron CEO John Watson, for environmental damage and tax dodging.

Here’s the context for Chevron’s $6.5 billion profits:

Chevron paid a 19 percent effective federal tax rate in 2011, after making $26.9 billion profit.

Spent 19.2 percent of its Q1 profits buying back stocks ($1.25 billion), which enriches the largest shareholders.

Production dropped by nearly 5 percent, from 2.76 million barrels per day in Q1 FY 2011 to 2.63 million barrels in 2012.

Chevron CEO John Watson received $25 million compensation last year, a raise of 52 percent. Chevron’s Vice President received a 75 percent increase to $7.8 million.

Chevron is sitting on even more cash reserves, $18.9 billion, up from $15.9 billion in January.

Has spent more than $500,000 on federal political contributions in the 2012 election cycle. 87 percent of these contributions went to Republicans.

Has spent $3.24 million on lobbying in the first few months of 2012, after spending $9.51 million lobbying in 2011. Some of the Chevron PAC’s major recipients for 2012 include House Speaker John Boehner (R-OH) ($5,000), House Majority Leader Eric Cantor (R-VA) ($5,000), Sen. Scott Brown (R-MA) ($5,000), Rep. Fred Upton (R-MI) ($7,500), Rep. Darrell Issa (R-CA) ($5,000).

Chevron is in a legal battle over a $18 billion judgment for environmental damage to Ecuador’s rainforest communities. According to Amazon Defense Coalition, the company has tried to block the decision four different times.

In January, Chevron had a natural gas explosion off the coast of Nigeria, which killed two contractors and “caused a fire to burn for weeks,” according to Reuters.

With just BP left to report its profits on Tuesday, four of the five Big Oil companies have already made over $26 billion in the first 91 days of 2012.

Chevron contributed $500,000 to the U.S. Chamber of Commerce, and the American Petroleum Institute gave $25,500 to the Koch brothers’ Americans for Prosperity, both of which ran vicious right-wing attack ads in the 2010 midterm elections:

The American Petroleum Institute, which advocates for the oil and gas industry, gave $25,500 to Americans for Prosperity, IRS disclosures show. Americans for Prosperity, based in Arlington, Virginia, spent more than $1.2 million in 2010 to help elect Republicans to Congress, according to FEC records.

The petroleum institute also gave $25,000 to the Alexandria, Virginia-based 60 Plus Association, which favors privatizing Social Security and spent more than $7 million in 2010 in support of Republicans, IRS and FEC records show.

Of course, Republicans picked up seats in both the House and Senate in 2010, when spending from these groups favored Republicans 10-to-1.

Groups like Chevron have seen billions in returns for their 2010 contributions. Chevron’s profits jumped 23.3 percent since 2010, and the company earned $3 million every hour last year. However, the company only paid an effective 19 percent income tax in 2011. Exxon, the most profitable oil company, paid a lowly 13 percent.

In 2012, undisclosed donations will play an even larger role, since interest group spending is up 1600 percent from the 2008 cycle.

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’s $26.9 billion profit translates to $3 million every hour or $51,000 every minute of 2011.

– Chevron has spent more than $9 million lobbying Congress in 2011.

– Chevron contributed $467,996 to federal campaigns in 2011, with 91 percent to Republican candidates. This does not include their undisclosed contributions to the U.S. Chamber of Commerce, the American Petroleum Institute, or other organizations.

– 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.

Since September, Al Gore’s We Campaign has been running their Repower America advertisement that criticizes the “hundreds of millions of dollars” that big oil spends on lobbyists and ads to keep Americans “stuck with dirty and expensive energy.” Coverage of the presidential race by the corporate media has been fueled by this dirty money — CNN is sponsored by the coal industry, and CBS by Exxon Mobil. And following Tuesday’s presidential debate, ABC aired one of Chevron’s greenwashing “Human Energy” ads. But ABC refused to air “Repower America.”

A spokesperson for the Alliance for Climate Protection, the We Campaign’s parent organization, sent the Wonk Room ABC’s excuse:

Per our Guidelines, national buildings may be used in advertising provided the depictions are incidental to the advertiser’s promotion of the product or service. Given the messages and themes of this commercial, the image of the Capital building is not incidental to this advertising. Please replace the image with one that is not of another national building or monument. Thank you.

Here’s the offending image, on screen for one second:

While running ads calling for conservation and depicting happy children and unspoiled nature, Chevron was simultaneously expanding its operations in the tar sands of Alberta, Canada and oil fields of the Niger Delta, and lobbying to lift the offshore drilling moratorium.

Cathy Zoi, CEO of the Alliance for Climate Protection, sent the following message to the 1.6 million members of the We Campaign:

I sent a letter asking ABC to reconsider their decision and put our ad on the air, but still we haven’t heard back more than a week later. I think they need to hear from all of us. Can you help? Please send a message to ABC and tell them to air the Repower America ad this Friday on 20/20. Just click here:

http://www.wecansolveit.org/ABC

We’re working to get 100,000 public comments to ABC before 20/20′s next airing.

Our Repower America ad has a clear and simple message — that massive spending by oil and coal companies on advertising is a key reason our nation hasn’t switched to clean and renewable sources for our energy.

UPDATE 10/10/08: Cathy Zoi writes:

In just 24 hours, more than 100,000 folks sent messages to ABC in support of airing our Repower America ad. But we still haven’t heard from ABC.