We note that the $1.8 billion goes to non-wealthy shareholders, too, like working people who are pension plan participants. That does not mean that this is optimal from any perspective, given the trillion dollar subsidies for oil companies and the externalization of the costs of environmental degradation.

Today, Marathon Oil formally reported its profits from the fourth quarter of last year, taking in a jaw-dropping $3.6 billion in profit in 2022. The Big Oil giant’s 2022 profits mark a 282% increase when compared to the previous year. While Big Oil profited massively in 2022, American consumers were overburdened with historically high gas prices at the pump. As Marathon Oil enjoyed historically high-profit margins last year, their fourth-quarter earnings call revealed that they had spent $3 billion in 2022 on stock buybacks and dividends, further enriching their wealthy shareholders.

Marathon Oil Post’s $3.6 Billion in Profits Off the Backs of American Consumers, Executives Plan to Give At Least $1.8 Billion to Wealthy Shareholders – Accountable US