Oil giants transfer record wealth to their investors

Global Witness asserts that 'supermajor' oil companies are conducting a 'brazen wealth transfer' by paying billions to shareholders while increasing oil and gas production. The statement highlights that companies like Shell, BP, TotalEnergies, ExxonMobil, and Chevron are ignoring scientific consensus and rowing back on climate pledges despite record profits and the increasing frequency of climate disasters.

• Major oil companies generated $134 billion in profits in 2022, yet they are allocating approximately $100 billion toward shareholder payouts and fossil fuel projects.
• Specific supermajors have prioritized investor returns over green energy: Shell paid shareholders $23 billion in 2023, which was more than eight times its spending on Renewables and Energy Solutions; BP paid $12.7 billion; and ExxonMobil and Chevron provided $58 billion to investors.
• ExxonMobil and Chevron intend to spend $112 billion to acquire other oil and gas producers, a move that could increase their combined emissions by over 20%, exceeding the annual emissions of Brazil, Australia, and Spain combined.
• Oil companies are retreating from climate goals: Shell reduced approximately 200 green jobs and abandoned plans to cut oil output, while BP's emissions rose 3% in 2023 and are projected to increase by 5% in 2024.
• Despite the global agreement at the end of 2023 to 'transition away' from fossil fuels, the five major oil companies plan to increase production of oil and gas.

APA

Global Witness (n.d.). Oil giants transfer record wealth to their investors. https://globalwitness.org/en/campaigns/fossil-fuels/oil-giants-transfer-record-wealth-to-their-investors/

Chicago

Global Witness. Oil giants transfer record wealth to their investors. n.d. https://globalwitness.org/en/campaigns/fossil-fuels/oil-giants-transfer-record-wealth-to-their-investors/.

Wikipedia

{{cite press release |author=Global Witness |title=Oil giants transfer record wealth to their investors |url=https://globalwitness.org/en/campaigns/fossil-fuels/oil-giants-transfer-record-wealth-to-their-investors/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{globalwitnessndoil, author = {{Global Witness}}, title = {{Oil giants transfer record wealth to their investors}}, publisher = {Global Witness}, url = {https://globalwitness.org/en/campaigns/fossil-fuels/oil-giants-transfer-record-wealth-to-their-investors/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }