Americans are paying more for gas weekly, but most Americans have no idea that their fellow citizens, American-owned oil corporations are celebrating and planning large payouts to their shareholders, according to report by the Groundwork Collaborative:
The world’s largest oil and gas companies made $23 billion in excess profits during the first month of Trump’s war as crude oil surged to over $100 per barrel, pushing up the price of gasoline, diesel, and jet fuel. Rather than softening price hikes for consumers or investing to prevent future crises, oil companies are rewarding shareholders and lining their own pockets…
Major oil companies are taking windfall profits and delivering them to shareholders. Executives on corporate earnings calls announced dividends and stock buybacks, instead of any efforts to bring down prices for consumers:
ExxonMobil’s adjusted profits reached $8.8 billion in the first quarter of 2026. The company remained on pace for $20 billion in buybacks this year while maintaining a quarterly dividend of $1.03 per share. CEO Darren Woods said production growth would remain “grounded in value, not volume,” repeatedly emphasizing his focus on shareholder payouts and cash flow growth.
In the first quarter of 2026. Shell earned $6.9 billion, more than double the previous quarter. CEO Wael Sawan said the company’s commitment to returning 40% to 50% of cash flow to shareholders is “sacrosanct.” The company announced another 5% dividend increase and more than $3 billion in buybacks for the 18th straight quarter.
Chevron said growing the dividend remains its “first and foremost” priority, continuing its 39-year streak of dividend increases alongside approximately $3 billion in quarterly buybacks…
Chevron CFO Eimear Bonner said the company has no plans to increase capital expenditure, adding that “capital spending and production outlooks are consistent with previous guidance.”
The company reduced its rig count from four to three rigs, with executives explaining the company could maintain production by drilling longer laterals and maximizing existing infrastructure to “drive strong free cash flow.” Asked directly whether the crisis should prompt more drilling, CFO Eimear Bonner said “it’s too early to have a different view.”
(Source: Groundwork Collaborative, CBS Mornings)