As was the case for much of the last decade, profits for major oil and gas companies continue to skyrocket.  Exxon brought in over $14 billion in profits in the third quarter of 2008, increasing 58% over third quarter 2007 and setting a new record for quarterly earnings.  Similarly, Shell’s third quarter profits increased more than 70% over third quarter 2007 and Chevron's profits increased  to $7.89 billion, more than double the $3.72 billion reported a year ago.

Last year three of the top five largest oil companies saw annual profits continue on their record-setting trajectory.  Exxon lead the pack, posting $40.6 billion in profits — the largest annual profit number reported by any American company ever — breaking their previous record from 2006.  Chevron also had a record-setting year with net income rising 9 percent.

Overall, most companies are experiencing the highest profits in industry history, all while receiving billions in taxpayer subsidies.  The combined profits of 25 major oil and gas companies reached over $175 billion in 2007, an increase of nearly 19% from 2004. And that same year, the oil and gas industry received more than $2 billion dollars in government subsidies. Now more than ever it is clear these companies do not need taxpayer handouts. 

Recent annual profits in billions of dollars:

For more information, please contact Autumn Hanna at (202) 546-8500 x112 or autumn[at]taxpayer.net