27th
October 2023, WASHINGTON DC - As
ExxonMobil today reports profits of $9.1 billion, Global Witness analysis finds
that since January 2022, when the energy crisis inflated Exxon’s profits, the
company has paid dividends of $26 billion and repurchased shares worth $28
billion, giving shareholders a total of $54 billion.
This means, Exxon’s shareholder pay-outs in 2023 totalling $24 billion could cover over a third of the $67 billion in damages caused by America’s natural disasters this year, including Hawaii’s wildfires and the floods, hurricanes, and tornados that have killed hundreds.
Jonathan Noronha-Gant, Global Witness, Senior Campaigner, said:
"While millions of Americans suffer from extreme weather, Exxon is raking in huge profits from the fossil fuels causing those disasters.
“Their $24 billion shareholder bonanza would pay to clear up the damage their products has caused. But our broken energy system means taxpayers will pick up the costs, while Exxon pops the champagne cork.”
NOTES
- Underlying data and calculations available upon request.