|
Fatcats EXXON MOBIL Made More MoneyThan God & Failed to Help Vulnerable Customers
British Gas, BP, Exxon, Chevron & Shell See Profits SOAR as Bills Rise..
Oil firms Collect £22bn in Profits as Fuel and Energy Bills Soar Cost of living: Energy bills forecast to hit £3,615 a year Exxon, Chevron, Shell Report Record Profits on High Energy Prices Oil giants post $46 BILLIONS in combined profit in latest quarter, as they cashed in on rebounding energy demand BBC News 2 AUG 2022. https://ichef.bbci.co.uk/news/976/cp...-613681012.jpg https://s.yimg.com/ny/api/res/1.2/e4...fe7d48ede3c3d0 British Gas owner Centrica and Shell have posted huge profits due to rising energy prices, as UK households face even higher energy bills. 'Little Sign of Abating' Centrica's half-year profits were five times higher than a year earlier, while Shell reported record profits for the April-to-June period. It comes as gas prices continue to rise, fuelled by the war in Ukraine. That is affecting households, with predictions that energy bills will rise even further next year. The government has said that every household in the UK will get an energy bill discount of £400 this autumn as part of a package of new measures to tackle soaring prices. But there are calls for more action to help people now, including from personal finance expert Martin Lewis. British Gas owner Centrica said adjusted operating profit for the six months ending in June rose to £1.34bn from £262m a year earlier. The rise in profits came from the company's nuclear and oil and gas business, rather than from the British Gas energy supply business which performed much worse. Many firms have been unable to fully pass on the rise in wholesale gas prices to customers. Centrica has brought back an interim dividend of 1p per share, after scrapping it for the past three years. The decision to resume payouts to shareholders, even as UK households come under pressure from rising energy bills, has been criticised by some. Energy analyst David Cox said people would "react against" the sight of an energy company rewarding shareholders, as households struggle with bills. "Any oil and gas company... that's making a profit and giving some of that back to shareholders at this time, will face a backlash, particularly when we're seeing projections of energy bills hitting almost £4,000," he said. £400 Energy Payment https://ichef.bbci.co.uk/news/1024/c...g_2x640-nc.png MORE
Exxon, Chevron, Shell Report Record Profit...Exxon Mobil and Chevron See Profits Sky-Rocket as Americans Struggle With Record Gas Prices Oil giants post $46 billion in combined profit in latest quarter, as they cashed in on rebounding energy demand Historic Gas Prices Could Stay High for a While https://s.yimg.com/ny/api/res/1.2/5e...f253f114586abf U.S. gas prices have hit a record high and are showing no signs of going down. That’s largely because oil companies are no longer incentivized to drill more as oil prices rise. $46 billion in combined profit in latest quarter, as they cashed in on rebounding energy demand Exxon XOM -2.53%▼ Mobil Corp., Chevron Corp. CVX -2.00%▼ and Shell PLC, SHEL -1.91%▼ the three largest Western oil companies, banked a record $46 billion in collective profits in the second quarter, fueled by the highest energy prices in over a decade and lucrative oil-refining margins. Exxon, the largest U.S. oil company, said Friday its second-quarter profit rose to $17.9 billion, its highest ever and nearly four times as much as the same period a year ago, citing rising oil and fuel production, higher energy prices and cost cuts. Rival Chevron also posted a record profit Friday of $11.6 billion, up from $3.1 billion in the same period last year. |
re: Fatcats EXXON MOBIL Made More MoneyThan God & Failed to Help Vulnerable Customers
Cost of Living CRISIS: Energy Suppliers Failing Vulnerable Customers - Ofgem
Energy firms must offer more help on bill payments, Ofgem warns Ofgem told all 17 firms that took part in its review to improve, with five found to have severe weaknesses. BBC News 22 NOV 2022. https://ichef.bbci.co.uk/news/976/cp...anwithbill.png Energy suppliers have been failing vulnerable customers, the sector's watchdog has said, as people face a cold and costly winter. Most of the UK's energy suppliers must improve how they help people who are struggling to pay their bills, watchdog Ofgem has said. Its review found failures in firms being able to identify which customers were having payment difficulties and a lack of help with payment plans. The government has stepped in to cap a typical household energy bill at £2,500 a year until 2024 but this is still unaffordable for many customers. Campaigners have warned millions of people will still face fuel poverty this winter, despite Prime Minister Liz Truss' multi-billion pound plan to ease the impact of higher gas and electricity bills. A household is considered to be in fuel poverty if it has to spend 10% or more of its income on energy. If you are struggling to afford your gas and electricity bills, Citizens Advice recommends contacting your supplier directly and offering to come up with a payment plan. Energy suppliers must offer payment plans that customers can afford, under Ofgem rules. In addition, those on pre-payment meters who do not have the money to top them up can ask for emergency credit. Citizens Advice said that by the end of August its frontline staff had supported more than 15,000 people who were unable to top up their prepayment meter. The charity's chief executive, Dame Clare Moriarty, said Ofgem's review showed some energy companies were "falling drastically short of the mark". "This is utterly unacceptable given the huge cost-of-living pressures people are facing," she said. "Suppliers need to up their game and Ofgem needs to hold them to task." Ofgem chief executive Jonathan Brearley said its review found some suppliers had fallen short of the standards expected by the watchdog and urged them to "step up". "Although the government's package of support will provide some welcome relief, it's critical that, going into this tough winter, energy companies prioritise the needs of vulnerable customers struggling to pay their bills," he said. line Ofgems' Findings on How Companies Support Struggling Customers Severe Weaknesses TruEnergy Utilita ScottishPower Moderate Weaknesses E Good Green Energy Outfox Bulb Minor Issues Ecotricity EDF E.ON Octopus OVO Shell Utility Warehouse So Energy All the energy companies identified have been asked to submit information to Ofgem to set out how they will improve their service. Ofgem said it had already issued provisional orders to Utilita and ScottishPower, meaning they must take specific and urgent actions. A ScottishPower spokesperson said: "We're disappointed that all of the effort our staff make to help our customers manage affordability challenges has resulted in this conclusion from Ofgem. "We will now work with Ofgem to implement their recommendations." A Utilita spokesperson said the company was "very disappointed" about Ofgem's "decision to issue a provisional order rather than to engage with us". "Our staff are deeply committed to helping customers through the cost-of-living crisis and the financial support we offer is extensive: In 2022 alone, we will provide financial assistance more than a million times to customers who need our help," it added. |
Re: Fatcats EXXON MOBIL Made More MoneyThan God & Failed to Help Vulnerable Customers
Biden: Exxon Made More MoneyThan God This Year
Exxon smashes Western oil majors’ earnings record with $56 billion profit for 2022 BBC 1 FEB 2023 https://nypost.com/wp-content/upload...ces.jpg?w=1024 President Biden Exxon had made “more money than God this year.” President Biden once again accused oil companies of not doing enough to offset soaring gas prices on Wednesday, telling the seven major refiners their profit margins were “well above normal,” as the White House continued to point fingers for economic problems everywhere but at 1600 Pennsylvania Avenue. “[A]t a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,” Biden wrote in a letter to Exxon Mobil CEO Darren Woods. Similar letters were dispatched to the heads of Chevron, Shell, Phillips 66, BP, Marathon and Valero. “Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis and respect the critical equities of energy workers and fence-line communities,” the president added in the Woods letter, before calling on the refiner to detail “any reduction in your refining capacity since 2020 and any concrete ideas that would address the immediate inventory, price, and refining capacity issues in the coming months — including transportation measures to get refined product to market.” “My administration is prepared to use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied,” Biden warned. Despite Biden’s plea to boost refinery capacity, the US Energy Information Administration on Friday released estimates that “refinery utilization will reach a monthly average level of 96% twice this summer, near the upper limits of what refiners can consistently maintain.” There’s also an additional complication: Most US refineries are set up to process oil imported from overseas, rather than fuel produced domestically. The president has expressed increasing frustration with the petroleum industry in recent days as the average nationwide price of a gallon of gas remains above $5. During a speech at the Port of Los Angeles last week, Biden ranted that Exxon had made “more money than God this year” before adding: “Exxon, start investing and start paying your taxes.” |
| All times are GMT. The time now is 04:19. |
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
SEO by vBSEO 3.5.2