Sunday, February 5, 2023
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

Another big quarter for Big Oil brings more political backlash (NYSE:XOM)

by Euro Times
October 30, 2022
in Markets
Reading Time: 2 mins read
A A
0
Home Markets
Share on FacebookShare on Twitter


CRobertson

The jaw-dropping size of Big Oil’s latest quarterly profits – nearly $31B combined by Exxon Mobil and Chevron – has revived calls from politicians and consumer groups to impose more taxes on the companies or restrict gasoline exports.

Exxon Mobil (NYSE:XOM), Chevron (CVX), Shell (SHEL) and TotalEnergies (TTE) are paying nearly $100B to shareholders annually in the form of buybacks and dividends while reinvesting just $80B in their core businesses this year, according to Bloomberg.

President Biden and others have scolded oil companies for their high earnings and accused them of gouging motorists, and the president singled out Exxon after Friday’s quarterly earnings release for rewarding investors instead of cutting fuel prices.

“Can’t believe I have to say this, but giving profits to shareholders is not the same as bringing prices down for American families,” Biden tweeted in response to Exxon’s latest dividend increase.

The president assailed Exxon again Friday night, saying “Those excess profits are going back to their shareholders and their executives instead of going to lower prices at the pump and giving relief to the American people, who deserve it and need it.”

Senate Majority Leader Chuck Schumer called the earnings “unconscionable,” and a California congressman seeking a way to lower prices at the pump introduced legislation Friday that would ban gasoline exports whenever the domestic price over the prior seven days averages at least $3.12/gal, which was the average price in 2019.

Executives at Exxon and Chevron, finally producing strong results after years of poor returns, appear to be in no mood to back down.

Exxon CEO Darren Woods devoted two pages of prepared remarks during the company’s earnings conference call detailing why the European Union’s windfall taxes on the energy industry will raise energy prices for consumers in the long run.

Chevron CFO Pierre Breber warned Friday that “taxing production will just reduce it… If you raise costs on energy producers, it will decrease investment so that goes against the intent of increasing supplies and making energy more affordable.”

But Shell CEO Ben Van Beurden said the energy industry should “embrace” the “societal reality” that it will face higher taxes to help struggling parts of society.



Source link

Tags: backlashBigbringsNYSEXOMOilPoliticalquarter
Previous Post

China Southern cancels planned return of Boeing 737 MAX flights -website By Reuters

Next Post

South Korea’s Yoon declares mourning period after Halloween crush kills 151 By Reuters

Related Posts

Scotts Miracle-Gro tops list; Air Products plunges to bottom

by Euro Times
February 4, 2023
0

plastic_buddha The S&P Materials sector index closed the week +0.03%, and the Materials Select Sector SPDR ETF (XLB) +0.01%. Gold...

Bike desks help Mexican students learn while burning calories By Reuters

by Reuters
February 4, 2023
0

© Reuters. FILE PHOTO: High school students pedal on a bike desk, as part of a program to improve physical...

United States Steel Corporation (X) Q4 2022 Earnings Call Transcript

by IRSTeam
February 5, 2023
0

United States Steel Corporation (XNYX: X) Q4 2022 earnings call dated Feb. 03, 2023 Corporate Participants: Kevin Lewis — Vice-President, Finance Dave...

Stocks making the biggest moves midday: AMZN, GOOGL, AAPL

by Euro Times
February 4, 2023
0

Workers load packages into Amazon Rivian Electric trucks at an Amazon facility in Poway, California, November 16, 2022.Sandy Huffaker |...

Why “Short Selling” a Stock Can Save Your Investments

by Adam O'Dell
February 4, 2023
0

Imagine for a moment that at the end of 2022, you made the decision to take a month off from...

Your search results are changing at the Speed of Censorship! Who remembers when the internet wasn’t trash? – Investment Watch

by IWB
February 3, 2023
0

Your search result are changing at the Speed of Censorship! Who remember when the internet wasn’t trash? Before 2020 Google...

Next Post

South Korea's Yoon declares mourning period after Halloween crush kills 151 By Reuters

God of War: Ragnarök, Call of Duty Warzone 2.0, More: November Games on PC, PS4, PS5, Switch, Xbox One, Xbox Series S/X

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hotel sector looks lucrative amid govt’s special focus on tourism, says ICICI Securities – suggests to buy these 2 stocks

February 5, 2023

Filecoin Creator Protocol Labs Announces Layoffs Amid Crypto Winter and Economic Downturn – Bitcoin News

February 5, 2023

Why This Recession is a HUGE Opportunity for Investors

February 5, 2023

Pervez Musharraf, the four-star general who ruled Pakistan for nearly a decade

February 5, 2023

London emerges as world’s most crypto-ready city for business — Research

February 5, 2023

YALL: God Bless America (NYSEARCA:YALL)

February 5, 2023
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

Hotel sector looks lucrative amid govt’s special focus on tourism, says ICICI Securities – suggests to buy these 2 stocks

Filecoin Creator Protocol Labs Announces Layoffs Amid Crypto Winter and Economic Downturn – Bitcoin News

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In