Big Oil poised to smash annual profit records — sparking outcry from campaigners and activists
U.S. President Joe Biden has previously singled out Exxon Mobil for making “more money than God” last year.
Brandon Bell | Getty Images
Some of the world’s largest oil and gas companies are poised to report record annual profits, raking in extraordinary revenues following a year of volatile fossil fuel prices amid Russia’s onslaught in Ukraine.
Oil majors Exxon Mobil, Chevron, BP, Shell and TotalEnergies are slated to report a combined profit of $190 billion for 2022 when their final quarterly results are released in the coming days, according to estimates from analysts collated by Refinitiv.
Flush with cash, the energy giants are expected to use their windfall profits to reward shareholders with higher dividends and share buybacks.
U.S. President Joe Biden has previously accused oil companies of reaping a “windfall of war,” while simultaneously refusing to help lower gas prices at the pump for American consumers. In June last year, Biden singled out Exxon Mobil for making “more money than God.”
Exxon Mobil spokesperson Erin McGrath told CNBC higher energy prices are “largely as a result of a supply-demand imbalance” and that it is the firm’s investments over the last five years that are driving quarterly results.
McGrath said Exxon sees its success “as an ‘and’ equation, one in which we can produce the energy and products society needs — and — be a leader in reducing greenhouse gas emissions from our own operations and also those from other companies.”
Spokespeople for BP and Shell did not wish to comment ahead of full-year results, while Chevron and TotalEnergies did not respond when contacted by CNBC.
In recent quarters, Big Oil executives have said the significant disruption to global energy markets due to the war in Ukraine has reaffirmed the importance of helping to solve “the energy trilemma.” This, according to a statement to investors from BP CEO Bernard Looney late last year, refers to “secure, affordable and lower carbon energy.”
“They are profiting from the current increase in oil and gas prices, and they are betting on it. And what you see is actually increased investment in oil and gas,” Agathe Bounfour, oil campaign lead at the NGO Transport & Environment, told CNBC via telephone.
“I think given that prices of oil and gas are likely to stay up, it’s important for us to reflect on the fact that these profits are going to stay high at the same time as many households are struggling with energy prices,” Bounfour said.
“There’s not much point [in] raising revenues and subsidizing the industry at the same time,” she added.
‘The year the empire struck back’
The Big Oil profits are seen from within the industry as something of a vindication. The energy giants came under immense pressure from shareholders and activists to invest in clean energy as oil demand cratered in the peak of 2020 lockdowns.
The push toward green reform lost momentum last year, however.
The oil and gas industry has sought to underline the importance of energy security amid calls for a rapid transition to renewables, typically highlighting that demand for fossil fuels remains high.
“I have called 2022 the year the empire struck back,” Mark van Baal, founder of Dutch shareholder activist Follow This, told CNBC via telephone.
“What we saw happening in 2022 is that the oil majors used the high oil prices and the energy crisis to convince investors that the energy crisis should eclipse the climate crisis — and that has caused a setback,” van Baal said.
The logo of Shell on an oil storage silo, beyond railway tanker wagons at the company’s Pernis refinery in Rotterdam, Netherlands, on Sunday, Oct. 23, 2022.
Bloomberg | Bloomberg | Getty Images
After ultimately failing with several climate resolutions in 2022, van Baal said it was clear from discussions with oil majors that they were once again determined to fend off activist and shareholder pressure and continue with their core oil and gas businesses.
“The attitude of the oil industry is ‘we have a very handsome business model and we’re going to defend it tooth and nail,'” van Baal said. “The reason it is so handsome is because there are so many externalities not inside their costs — and, of course, the biggest one is the cost of climate change.”
Van Baal added, “My hope is not with the boards of these oil majors, my hope is that the investors will realize that we don’t have time for another round of discussion, another year of engagement and another year of the benefit of the doubt.”
‘Harming both people and the planet’
Record earnings from the West’s largest oil and gas majors have also renewed calls for higher taxes, particularly at a time when surging gas and fuel prices have boosted inflation around the world.
Alice Harrison, fossil fuels campaign leader at advocacy group Global Witness, said, “We must all call out profiteering like this.”
She described the historic revenues for energy giants as “disgraceful” given that “much of this money is being made at the expense of the millions of people who have been pushed into poverty because of the skyrocketing cost of gas.”
“An increased windfall tax to help those struggling to pay their bills, along with a significant boost in renewable energy and home insulation, would end the fossil fuel era that is harming both people and the planet so severely,” Harrison told CNBC via email.
To be sure, burning fossil fuels, such as coal, oil and gas, is the chief driver of the climate emergency.
Environment
Ford F-150 Lightning sales have been falling for months: What’s going on with the EV pickup?
Is Ford’s electric pickup in trouble? Sales have been down for months, and February showed no relief. What’s going on with the Ford F-150 Lightning?
Ford F-150 Lightning sales drop again in February 2025
Ford’s US sales dropped by 9% last month. Although electrified vehicles, including EVs and hybrids, both notched double-digit growth, sales of Ford’s gas-powered (ICE) models, which accounted for over 85% of deliveries, fell nearly 13%.
Hybrids saw higher demand with sales up 27.5% to 15,357, while EV sales increased 15% to 7,326. The Mustang Mach-E was a bright spot with 3,312 models sold in February, up 13% from the prior year.
With 6,841 Mach-Es sold through the first three months of 2025, Ford’s electric crossover SUV remains a top-selling EV in the US.
Ford’s electric pickup didn’t fare as well. F-150 Lightning Sales were down nearly 15% last month with only 2,199 units sold. Through March, Ford has sold 15% fewer Lightning models than it did at this time last year.
Sales of the electric pickup have been slipping for months now. In the final three months of 2024, F-150 Lightning sales were down 10%.
The Lightning, alongside Rivian’s R1T, are no longer the only electric pickups on the market. Ford is facing new competition with the Tesla Cybertruck, Chevy Silverado EV, and GMC Sierra EV, arriving.
According to Cox Automotive, the Tesla Cybertruck slipped past the Lightning to become the fifth best-selling EV in the US last year with nearly 39,000 units sold. Ford’s Lightning was sixth with just over 33,500 models sold.
Ford extended its “Power Promise” promo earlier this year to boost demand, giving EV buyers a Level 2 home charger and other benefits, but Lightning sales are still down.
The American automaker cut Lightning production at its Rouge Electric Vehicle Center last year, citing slower-than-expected demand. A new report from Automotive News claims Ford is now ending a pilot program to stock and distribute EVs through regional hubs after it failed to catch on. It was designed to speed up deliveries.
Although Ford plans to launch a smaller midsize electric pickup, it won’t arrive until at least two more years. With new competition, like the Ram 1500 REV and Volkswagen Scout pickup, hitting the market over the next few years, Ford may find it even harder to attract buyers.
FTC: We use income earning auto affiliate links. More.
Costco’s Auto Program recently introduced some new member-only incentives, and the 2025 Volvo EX90 BEV is now on its list.
Volvo is offering Costco Executive Members $2,000 off the 2025 EX90. Costco Gold Star and Business members are eligible for $1,500 off. The incentives are available on all versions of the Volvo EX90 for members who purchase or lease from February 24 to April 30, 2025. It’s the only non-GM EV that’s that’s eligible for an incentive through the EV program.
The offer is compatible with A-Plan pricing for employees, as well as Affinity Pricing for teachers and first responders. Costco members will have had to have been members as of February 23 and be the primary members on the Costco account to qualify.
However, CarsDirect gave the heads up on how buyers can get up to $10,000 off the EX90’s MSRP. As we stated, if you’re a Costco Executive Member, that’s $2,000 off. Then, add the $7,500 EV Lease Allowance and a $500 loyalty discount on leases if you currently own or lease a Volvo or have owned or leased a Volvo within the past six months.
With the destination fee included, the base EX90 MSRP starts at $81,290, so that brings it down to $71,290, a more than 12% discount, a pretty good deal.
The 2025 AWD Volvo EX90, which can seat seven passengers comfortably, has a range of up to 310 miles and is NACS-compatible. It has a 510 hp engine, 110 kWh battery capacity, and can go from 0-60 mph in 4.7 seconds.
Read more: Review: Volvo EX90 is a smooth AWD 7-seat luxury kid-hauler
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links. More.
Environment
Tesla chairwoman sells $33 million worth of TSLA as she lets Elon Musk destroy the brand
Tesla chairwoman Robyn Denholm has sold another $33 million worth of Tesla stocks (TSLA) as she lets Elon Musk destroy the company’s brand.
As the head of Tesla’s board of directors, Denholm is amongst the few people who actually have oversight over Elon Musk at Tesla.
While Musk is CEO, he owns only about 13% of Tesla’s shares. Still, he is seen as having complete control over the company and the board, which is actually what led to a judge rescinding his compensation package last year.
That’s partly because when he “negotiated” himself a $55 billion compensation package with the board, the board also gave itself exorbitant compensation, which it eventually had to partly give back to the company after shareholders sued it for excessive compensation.
Despite Musk making threats to shareholders to get more control over Tesla and resorting to resource tunneling, the board, including Denholm, has remained silent.
Meanwhile, Denholm has been pocketing generational wealth through Tesla.
The chairwoman has received hundreds of thousands of Tesla shares at a discount through stock options as part of the previously mentioned “excessive board compensation,” and she has been selling them as son as she is allowed.
Last month, she sold $43 million worth of Tesla stocks, and today, Tesla revealed through a required SEC filing that Denholm is another 112,390 Tesla shares worth over $33 million through Merill Lynch:
With this sale, she has now sold over $100 million worth of Tesla stocks over the last 3 months.
Kimball Musk, Elon’s brother, and Tesla’s Chief Financial Officer Taneja Vaibhav also recently sold ahead of a recent drop in the company’s stock price.
Electrek’s Take
Over $100 million in the last three months—that’s apparently the going rate for a chairperson to let Elon Musk destroy years of work building the Tesla brand.
That’s a hard deal to pass on, especially if you have low morals, which is Tesla’s main problem right now. Musk has surrounded himself with yes people with low morals.
He has distanced Tesla from its mission and no one is saying anything because they are let go or getting compensated to shut up about it.
If you are looking to install solar on your own home, to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage. EnergySage is a free service that makes it easy for you to go solar – whether you’re a homeowner or renter. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20 to 30% compared to going it alone. Some installers even offer Tesla products as shown above. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
FTC: We use income earning auto affiliate links. More.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports11 months agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports3 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business2 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway