WASHINGTON, DC - April 17, 2024 (Investorideas.com Newswire) Some of the wealthiest companies in the world and their lobbyists and political allies are up in arms over the Biden administration's changes to force the oil industry to pay their fair share.
"Big Oil CEOs are paying themselves handsomely off the massive profits they're making drilling on public lands," said Chris Marshall, a spokesperson for Accountable.US. "What's worse is that they've only been paying a pittance for developing public minerals. The Biden administration was right to hold accountable these companies for their rampant exploitation of taxpayers and consumers."
While big oil lobbying groups are decrying the rule, the big oil corporations who lock up the most acres of public lands are showing they can afford the modest increases, announcing billions in new profits and multi-million raises for their wealthy CEOs.
A 2023 Accountable.US analysis identified for the first time found that just five publicly-traded corporations lock up over a quarter of all public lands leases. Now, as Interior's final rule is published, each of these companies is bragging to shareholders about massive profits and dividends while giving huge pay increases to their CEOs.
ExxonMobil
ConocoPhillips
Devon Energy
EOG Resources
Occidental Petroleum
Read Accountable.US's full research report here.
More Info:
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/
Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
