October 2023, WASHINGTON DC – As
Chevron today reports Q3 profits of $6.5 billion, Global Witness analysis finds
that since January 2022 and the beginning of the global energy crisis, Chevron has paid dividends
of $19.5 billion and repurchased shares worth $23 billion, giving shareholders
a total of $42 billion.
Chevron’s shareholder pay-outs in the first nine months of this year alone are 20 times higher than the company’s entire 2022 investment in renewable energy.
This week Chevron purchased oil producer Hess in a $53bn all-stock deal, committing the firm to fossil fuels for the long-term.
Jonathan Noronha-Gant, Global Witness, Senior Campaigner, said:
“Chevron executives could be turning oil money into clean energy, but they’d rather get rich. Chevron’s spending priorities, paying shareholders 20x times what they spent on renewables, make it clear that this company will play no role in the energy transition.”
- Chevron’s 2022 renewable energy production spending is provided by energy data firm Rystad Energy.
- Underlying data and calculations available upon request.