WASHINGTON, DC - March 14, 2023 (Investorideas.com Newswire) Two of the world's largest oil companies, Shell and BP gave their CEOs massive pay increases after the industry raked in a record-breaking $451 billion in profits last year. Former CEO of Shell, Ben van Beurden, received $12 million in 2022, a 50% raise in compensation. The CEO of BP, Bernard Looney, received a 126% increase in compensation, bringing his take home pay to $12.2 million in 2022.
The industry's historic margins in 2022 were largely achieved through the unabated price-gouging of American consumers. As families across the country experienced financial strain due to the artificially high prices at the pump, the industry spent over $163 billion on stock buybacks and dividends, further enriching their wealthy shareholders. Even as Big Oil executives complain about supposedly lower-than-desired margins in 2023, oil and gas companies have already publicly announced plans to buy at least $160 billion in stock backs starting this year.
"Big Oil CEOs forced American families into financial strain and ruthlessly squeezed every last dime out of working and middle-class people. Now, we see the extent to which executives personally benefited from their historic levels of price gouging," said Jordan Schreiber, Director of Energy and Environment at Accountable.US.
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Accountable.US is a nonpartisan watchdog group that exposes corruption across all levels of government.
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