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True Dough

(17,433 posts)
Fri Oct 28, 2022, 02:02 PM Oct 2022

You want some massive oil and gas profits returned to the American people? Buy shares!!!

So says Exxon's CEO who knows NOTHING about just trying to pay bills day to day.


Exxon Mobil Corp. responded directly to US President Joe Biden’s criticism of record energy-industry profits by pointing to the company’s much-vaunted dividend, which it increased on Friday by a larger-than-expected amount.

“There has been discussion in the U.S. about our industry returning some of our profits directly to the American people,” Exxon Chief Executive Officer Darren Woods said in prepared remarks ahead of the company’s earnings conference call. “That’s exactly what we’re doing in the form of our quarterly dividend.”

Exxon raised its quarterly payout to 91 cents per share from 88 cents, 1 cent more than the Bloomberg Consensus forecast. Exxon’s dividend payments over the last 12 months have overtaken Apple Inc.’s to become the second-largest in the S&P 500 Index, behind Microsoft Corp, according to data compiled by Bloomberg.

Rewarding energy shareholders has done nothing to appease Biden, and in fact has fueled his argument against Big Oil. On Thursday, he once again attacked oil companies after Shell Plc issued bumper earnings, criticizing the UK company for increasing its dividend rather than cutting prices at the pump.

The president has repeatedly laid into oil companies at various points this year for not doing more to help consumers.



https://www.bloomberg.com/news/articles/2022-10-28/exxon-cites-dividend-in-response-to-biden-attack-on-oil-profits?sref=ZOgFhNqs
9 replies = new reply since forum marked as read
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You want some massive oil and gas profits returned to the American people? Buy shares!!! (Original Post) True Dough Oct 2022 OP
So out of touch - 1 share of XOM is 110 right now ck4829 Oct 2022 #1
Better yet stop them from raping the public. slater71 Oct 2022 #2
It doesn't seem right at all True Dough Oct 2022 #4
+1 Emile Oct 2022 #6
Yeah, if they can't find bread, let them eat cake. nt JustABozoOnThisBus Oct 2022 #3
Better yet, NATIONALIZE OUR OIL! Emile Oct 2022 #5
Excellent suggestion. Skip the middle men. Kid Berwyn Oct 2022 #8
I want a Windfall Profits Tax BlueIdaho Oct 2022 #7
Yep, Prairie_Seagull Oct 2022 #9

slater71

(1,153 posts)
2. Better yet stop them from raping the public.
Fri Oct 28, 2022, 02:36 PM
Oct 2022

As I type this oil is 87.73 a barrel. Gas, where I am in Pa, is 4.00 a gallon. When oil hit a high of 121.00 a barrel, gas was 5.05 a gallon. Oil is down 32.27 a barrel and gas only dropped only 1.05 a gallon. the oil companies and the gas stations are raping us period. Watch what gas does within days of the republicans taking over if they do. According to this website gas should be 3.03 a gallon. https://econbrowser.com/archives/2014/06/gasoline-price-calculator
Also, we need to stop shipping over 8 million gallons a day out of our country.

True Dough

(17,433 posts)
4. It doesn't seem right at all
Fri Oct 28, 2022, 03:10 PM
Oct 2022

I read somewhere that the oil and gas companies manipulate things on the refinery end of the process as well. So if the price of oil is relatively low, they create backlogs at refineries and cause the price of gasoline to rise that way. They have too many tricks up their sleeve. They need to be taxed much more on profits -- take some of that money back!

Kid Berwyn

(15,233 posts)
8. Excellent suggestion. Skip the middle men.
Sat Oct 29, 2022, 09:52 AM
Oct 2022

Stops the price gauging. Builds the Treasury and the Commons.

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