{"id":31460,"date":"2024-02-03T13:19:13","date_gmt":"2024-02-03T21:19:13","guid":{"rendered":"https:\/\/occupysf.net\/?p=31460"},"modified":"2024-02-03T13:19:15","modified_gmt":"2024-02-03T21:19:15","slug":"in-brazen-wealth-transfer-exxon-and-chevron-pay-out-record-sums-to-shareholders","status":"publish","type":"post","link":"https:\/\/occupysf.net\/index.php\/2024\/02\/03\/in-brazen-wealth-transfer-exxon-and-chevron-pay-out-record-sums-to-shareholders\/","title":{"rendered":"In ‘Brazen Wealth Transfer’, Exxon and Chevron Pay Out Record Sums to Shareholders"},"content":{"rendered":"\n
\"Mike<\/figure>\n\n\n\n

Chevron CEO Michael Wirth speaks during the Milken Institute Global Conference on October 18, 2021 in Beverly Hills, California. <\/p>\n\n\n\n

(Photo: Patrick T. Fallon\/ AFP via Getty Images)<\/p>\n\n\n\n

“In 2023, we returned more cash to shareholders and produced more oil and natural gas than any year in the company’s history,” Chevron chief executive Mike Wirth boasted.<\/h2>\n\n\n\n

OLIVIA ROSANE<\/a><\/p>\n\n\n\n

Feb 02, 2024 (CommonDreams.org)<\/a><\/p>\n\n\n\n

U.S. oil companies ExxonMobil<\/a> and Chevron<\/a> announced their second-highest profits in a decade on Friday, with both companies paying out a record amount to shareholders in 2023, which was<\/a> the hottest year on record due largely to the burning of fossil fuels.<\/p>\n\n\n\n

“In 2023, we returned more cash to shareholders and produced more oil and natural gas than any year in the company’s history,” Chevron chief executive Mike Wirth boasted<\/a> in a statement.<\/p>\n\n\n\n

Exxon also said it processed a record amount of oil and gas through its refineries. While profits for both companies have declined relative to their record<\/a> hauls<\/a> in 2022, Exxon CEO Darren Woods told<\/a>CNBC’<\/em>s “Squawk Box” Friday that “we’ve more than doubled our earnings power from 2019 to 2023.”<\/p>\n\n\n\n

Exxon reported a total of $36 billion in profits with $32.4 billion paid to shareholders, while Chevron took home $21.4 billion and paid out $26.3 billion, putting them behind only Apple, Microsoft, and Google parent Alphabet for total payouts from a U.S. company, according to<\/a> a Wall Street<\/em>Journal <\/em>analysis. The shareholder payouts far surpassed what either company had planned to spend on climate solutions, the Journal <\/em>said.<\/p>\n\n\n\n

Exxon announced its annual profits today and we're getting salty on main… https:\/\/t.co\/zhDA3110la<\/a> pic.twitter.com\/92EHoc2m2M<\/a><\/p>— Greenpeace USA (@greenpeaceusa) February 2, 2024<\/a><\/blockquote>