(all the article in the Trib said was "Revenue was $95.43 billion; since everything prior in the article was about annual, it implied that was also annual. But, that’s a rant for another post).
If we make the gross assumption that revenues for the other 3 quarters were the same (relatively safe assumption for my argument), that means that their MARGIN (profit / revenue) for 2022 was 14.6%. That’s fucking obscene! Especially, considering (from later in the linked article,)…
THEY WERE EXPECTED TO HAVE PROFITS AROUND $60B!
Refineries are still closed down from the pandemic, when oil futures went negative. We may not be paying record prices at the pump at the moment, but it wasn’t that long ago (months) that we were. What’s keeping them from re-opening the refineries and increasing supply? Could there be… collusion between the Big Oil corporations? Of course not. Why would they actually have to communicate with each other to collude when they have proof in front of their eyes that they can make more money by keeping supply low than they would by increasing supply!
Well, my initial outrage came from reading the Trib and thinking their profit margin was 55.7b / 95.43b = 58.4% That would mean the cost of goods, distribution, etc. was LESS THAN HALF THE PRICE OF THE PRODUCT
These kinds of profits are EXACTLY why Biden is talking about a windfall tax on Big Oil.
Many refineries were damaged by the Christmas cold snap and are just now going back online (tho you’d think they would be engineered against such events, certainly those in colder climes). Note very few new ones have been built in this century, being a big NIMBY issue for many communities.
Googled, there was indeed a 17 year gap between new ones 1998-2015, but 8 new ones since.
Which is why, when conservatives complain about how Biden raised gas prices, I ask them if they have as much animosity towards those who actually profit off of it.
That vein in your forehead is standing out. Back away from the computer and take as many deep breaths as you can until you feel better; 40 million should do it.
Whenever someone complains about a company making a profit, I tell them, “Instead of complaining, get in on the game. Buy stock. Invest in them. Reap the rewards!”
That means that Exxon’s annual revenue in 2022 was greater than the GDP of most countries. Indeed only the world’s top 37 economies had a larger total GDP than the revenues of this one oil company; 179 countries had a lower total GDP, including South Africa, Denmark, Chile, Finland, Portugal, New Zealand, Greece, and 172 others. That kind of wealth concentration in a single private enterprise is the very definition of “obscene”.
What if it’s a choice between putting food on the table, paying the rent, or buying stock in Exxon, and you can only afford to pick one?
