Q1 2023: Oil Companies Continue To Reap Profits & Hoard Cash

As cash continues to pour in from consumers, oil executives are focused on taking steps to prop up their stock prices, resulting in higher compensation for themselves and even more wealth for their billionaire investors. Among the companies tracked in this report, spending on stock buybacks was $28.835 billion, and spending on dividends was $24.977 billion, bringing a combined total of $53.8 billion spent funneling cash to shareholders in the quarter.

Billionaires and CEOs Capture Oil Wealth

2022 was a great year to be an oil billionaire or CEO. Publicly-traded oil companies raked in a record $400 billion in profits, and oil and gas CEOs gave investors more than $114.6 billion in stock buybacks and another $100 billion in dividends. This report also overviews how oil and gas CEOs, in their own words, were “relentlessly focused” on giving money back to their shareholders rather than lowering prices for families struggling with high gas prices.

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