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

[True Dough]

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