Big Oil By The Numbers
Time after time Senate Republicans defend Big Oil's profits and block efforts to end wasteful taxpayer subsidies. But, one look at their corporate balance sheet shows that these subsidies are completely unnecessary. Here's a rundown of Big Oil by the numbers:
Profits, Stock Purchases, and Shrinking Workforces
In 2011, the top five oil companies-BP, Chevron Corp., ConocoPhillips, ExxonMobil Corp., and Royal Dutch Shell Group-posted a record combined net-income of $137 billion.
Boosted by these record profits, Big Oil repurchased $38 billion worth of stock to further pump up share prices.
Big Oil has always put its bottom line first. Despite making a trillion dollars last decade, Big Oil actually shrank its workforce. Between 2005 and 2010, Big Oil reduced their U.S. workforce by 11,200 employees, despite billions in profits and tax payer handouts.
Middle Class Families are Struggling. Big Oil Companies Are Not.
Last year Big Oil's profits jumped by more than 75%, while middle class families have struggled with rising gas prices.
Big Oil has also taken care of its top executives.
- In 2010 Exxon's CEO Rex Tillerson took home almost $14 million in compensation, while Chevron CEO John Watson pocketed nearly $8 million.
- In 2011, BP gave CEO Bob Dudley a raise to $6.8 million plus other awards, and paid out $1.1 million in shares to former CEO Tony Hayward, who resigned following the Gulf of Mexico oil spill.
- Shell CEO Peter Voser saw his compensation more than double to $15.3 million last year.
- In his final year with the company, ConocoPhillips CEO James Mulva got a 7% bump and raked in over $19 million in compensation.
Middle class families are struggling. Big Oil companies are not. That's why Senate Democrats are offering the Repeal Big Oil Tax Subsidies Act. This act ends wasteful tax subsidies for Big Oil. It reinvests these savings in clean energy technologies that will cut demand for oil, drive economic growth, create jobs, and allow America to lead the global clean energy market. It's time for Republicans to stop protecting Big Oil profits and start working with Democrats to ease pain at the pump.