Posted by John Donovan: 2 Jan 2024
Oh, what a time to be alive in the golden age of oil! As the world gasps in horror at climate change and energy crises, our heroic oil companies – BP, Shell, Chevron, ExxonMobil, and TotalEnergies – are set to dole out a staggering $100 billion in payouts to their beloved shareholders. It’s like a fairy tale, where the rich get richer while the planet heats up!
In 2022, these noble guardians of fossil fuels blessed their shareholders with $104 billion in dividends and buybacks, according to the Institute for Energy Economics and Financial Analysis (IEEFA). All this, after a year of record-breaking profits thanks to the turmoil in energy markets. Who knew that a global crisis could be so lucrative?