2 ms·
Thankfully, that data is public. [0] And it's still damning. Billions of dollars of profit were made, every single quarter. I have absolutely no sympathy for t
by boston_clone 4y ago
Thankfully, that data is public. [0]
And it's still damning. Billions of dollars of profit were made, every single quarter. I have absolutely no sympathy for these companies, especially when they also likely received huge sums of cash from the federal government for this "sharp drop in demand".
>Over 10 percent of the more than 7,000 oil, gas, and petrochemical companies that received PPP funds totaling between $3 billion and $6 billion reported no jobs retained as a result of the loan. The CEOs of Exxon and Chevron got raises in 2020, while Exxon announced that it is suspending the company’s contribution to the US employee retirement savings plan beginning in October and Chevron is cutting 6,700 workers around the globe [1]
0. https://www.macrotrends.net/stocks/charts/XOM/exxon/gross-profit https://www.macrotrends.net/stocks/charts/XOM/exxon/gross-pr...
1. https://www.sierraclub.org/sierra/bailout-billions-dollars-federal-covid-19-relief-money-flow-oil-industry https://www.sierraclub.org/sierra/bailout-billions-dollars-f...