Headlines: Big Oil is Booming, Despite Public Fear Mongering

Washington, D.C. — Oil and gas company earnings calls this week have revealed that, despite their public fear mongering about Biden’s climate policies, the industry raked in millions of dollars in profits this quarter. In fact, Big Oil is booming — and the industry’s top CEOs are cashing in big paychecks. 

 “As oil and gas companies brag about their success on earnings calls this week, their fear mongering around the Biden administration’s climate policies being harmful for the industry has never been more obviously fake,” said Kyle Herrig, president of Accountable.US. “Publicly, Big Oil CEOs are lamenting supposed harm from Biden’s environmental policies — while behind closed doors they’re giving themselves raises as their companies’ profits skyrocket.” 

While Big Oil executives are playing the victim, here’s what the headlines are showing: 

EARNINGS ARE BIG… 

• Houston Chronicle: ConocoPhillips makes $2.1 billion in second quarter
   
• Houston Chronicle: Phillips 66 reports $296 million profit in second quarter 2021
   
• Wall Street Journal: Chevron Posts Highest Profit in a Year

…AND BUSINESS IS BOOMING…

• Oil Price: Oil Majors Are Primed For A Massive Earnings Season
   
• Bloomberg: Big Oil Asset Sales Hit $198B Amid Green Push
   
• Wall Street Journal: Exxon, Chevron Report Billions in Profits but Plan to Keep Spending Tight
   
• E&E News: Oil majors report profits, eye carbon capture growth 

…EVEN MORE THAN BEFORE

• S&P Global: Many fossil fuel CEOs saw pay increase in 2020 amid severe industry downturn
   
• Reuters: Big Oil back to boom after pandemic bust, aiding climate push
   
• The Salt Lake Tribune: Utah’s oil and gas industry is as busy now as it was during Trump’s ‘energy dominance’ era
   
• Houston Chronicle: Big Oil is back with larger profits, less swagger 

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