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Big Oil Rakes in Huge First Quarter Profits

 
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05/14/2013 10:42 AM
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Big Oil Rakes in Huge First Quarter Profits
Despite lower prices at the pump, the biggest publicly traded oil companies in the world have raked in billions of dollars in profit over the past three months. According to their earnings reports released last week, the big five oil companies—BP, Chevron, ConocoPhillips, ExxonMobil and Shell—earned a combined $30.2 billion during the first quarter of 2013, or $331 million per day. Cumulatively, Big Oil profits were six percent lower than the first quarter of 2012 due to lower gasoline and oil prices, but these companies still earned a combined $229,832 every minute from January through March. This is more than what 95 percent of American households earn in an entire year.

Nearly one-third of these profits were used to repurchase companies’ stock, which only serves to pad the pockets of senior executives and the largest shareholders. The big five oil companies are also sitting on $82 billion in cash reserves, according to reports from the Securities and Exchange Commission for each company. While making these huge profits, BP and Exxon are the culprits in ongoing major oil disasters that are affecting the Gulf Coast and Arkansas.



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05/14/2013 07:31 PM
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Re: Big Oil Rakes in Huge First Quarter Profits
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