Massive profits of oil companies excite anger of White House

The tension between oil companies and Joe Biden increases again. A new round of animosity comes as companies have to report a collective profit near $200 billion. It was received last year due to the rise in prices for oil and gasoline, which makes consumers suffer from high inflation.

According to analysts, Chevron will report a record profit in 2022 today, which amounted to $37 billion. This figure exceeds last year’s profits twice. It is expected that the profit of Exxon Mobil will be $57.6 billion. Valero Energy reported a record annual profit on Thursday.  At the same time, the company will distribute between the shareholders almost half of its money, which amounted to $13.8 billion. 

Chevron announced it is expanding its share buyback program to $75 billion without waiting for its quarterly report.

The White House criticized the company’s declaration and indicated that it should direct most of its profits to increase production and not reward shareholders. Chevron's share buyback is so large that it could fund well drilling for more than four years.