Big Oil Is Making Record Profits While the World Burns
While bombshell climate report after bombshell climate report prepares us for a future of flooding, extreme heat, wildfire, and mass extinction, Exxon Mobil, the world’s largest producer of fossil fuels, earned $19.7 billion between July and September, more than it brought in in any other three-month period—ever. What’s it planning to do with the windfall? Well, the company last week said it's fulfilling its “commitment to return profits to shareholders” by buying back $10.5 billion of its own stock and upping its dividend payments to investors, an effort to line stockholder’s pockets and attract more investment.
You might also be interested in
December 2024 | Carbon Minefields Oil and Gas Exploration Monitor
In November 2024, 23 oil and gas exploration licences were awarded across five countries, with Russia granting the licences that account for the largest portion of embodied emissions.
November 2024 | Carbon Minefields Oil and Gas Exploration Monitor
In October 2024, 20 oil and gas exploration licences were awarded across three countries, with a significant portion granted by Brazil.
COP 29 Must Deliver on Last Year’s Historic Energy Transition Pact
At COP 29 in Baku, countries must build on what was achieved at COP 28 and clarify what tripling renewables and transitioning away from fossil fuels means in practice.
October 2024 | Carbon Minefields Oil and Gas Exploration Monitor
In September 2024, a total of 19 oil and gas exploration licences were awarded across eight countries, with a concerning estimated volume of embodied emissions reaching 147.1 million metric tons of CO2.