Big Oil’s Big Pay Day

Get your news from a source that’s not owned and controlled by oligarchs. Sign up for the free Mother Jones Daily.


The oil giants—BP, Chevron, ConocoPhillips, Exxon Mobil, and Shell—recently released their first quarter reports. Together, the big five’s profits were 38 percent higher in the first quarter of 2011 than the same period last year. A new report from the Center for American Progress finds that several of these companies used quite a bit of that extra money to buy back shares of their own stock, increasing the value of their shares and enriching their shareholders, boards of directors, and senior managers at a time when most Americans are dealing with extremely high gas prices.

ConocoPhillips, Exxon Mobil, and Chevron spent the most on share buybacks in the first quarter. Here’s what that looks like:

This spending spree comes not only as the gas price debate has resurged in Congress, but also as companies lobby to keep the $40 billion in tax breaks and loopholes that President Barack Obama and congressional Democrats want slashed from the 2012 budget.

PLEASE—BEFORE YOU CLICK AWAY!

“Lying.” “Disgusting.” “Scum.” “Slime.” “Corrupt.” “Enemy of the people.” Donald Trump has always made clear what he thinks of journalists. And it’s plain now that his administration intends to do everything it can to stop journalists from reporting things it doesn’t like—which is most things that are true.

We’ll say it loud and clear: At Mother Jones, no one gets to tell us what to publish or not publish, because no one owns our fiercely independent newsroom. But that also means we need to directly raise the resources it takes to keep our journalism alive. There’s only one way for that to happen, and it’s readers like you stepping up. Please do your part and help us reach our $150,000 membership goal by May 31.

payment methods

PLEASE—BEFORE YOU CLICK AWAY!

“Lying.” “Disgusting.” “Scum.” “Slime.” “Corrupt.” “Enemy of the people.” Donald Trump has always made clear what he thinks of journalists. And it’s plain now that his administration intends to do everything it can to stop journalists from reporting things it doesn’t like—which is most things that are true.

We’ll say it loud and clear: At Mother Jones, no one gets to tell us what to publish or not publish, because no one owns our fiercely independent newsroom. But that also means we need to directly raise the resources it takes to keep our journalism alive. There’s only one way for that to happen, and it’s readers like you stepping up. Please do your part and help us reach our $150,000 membership goal by May 31.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate