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The Biggest Public Lands Oil Drillers Boost CEO Pay And Shower Shareholders With Dividends; Cry Foul Over Biden Administration Improving Accountability

Massive corporations raking in huge profits cry foul over being forced to pay their fair share for developing taxpayer-owned resources

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.

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