Chevron reports record profits — and will spend some of them undermining California pollution standards
Another day, another oil company reporting massive quarterly and annual profits. Today: Chevron.
From the Associated Press:
Chevron Corp. posted a 41 percent gain in net income for the fourth quarter as the company produced more oil and gas, improved the performance of its refinery business and realized a gain from swapping assets in an Australian natural gas field.
Chevron Corp. posted net income of $7.2 billion for the quarter on revenue of $60.6 billion. That’s up from $5.1 billion on revenue of $60 billion a year ago.
It was the biggest fourth quarter profit in the company’s history.
Emphasis added, so that you can marvel.
And what will Chevron do with its gobs and gobs of money? One million dollars of it will go to pay a fine levied by the state of California. And some will go to undermining that state’s carbon-reduction rules.
From the Contra Costa Times:
San Ramon-based Chevron is leading an aggressive campaign to delay implementation of California’s Low Carbon Fuel Standard, a cornerstone of the state’s efforts to reduce greenhouse gas emissions.
The fuel standard requires the oil industry to gradually reduce the “carbon intensity” of transportation fuels like diesel and gasoline by at least 10 percent by 2020. Chevron and its allies, including the Western States Petroleum Association, are trying to undermine the standard by rallying opposition, financing critical studies and lobbying the Democratic-controlled Legislature, state agencies and Gov. Jerry Brown. …
Chevron and the Western States Petroleum Association argue that the 2020 timeline can’t be met without severe economic impacts, including a huge spike in gasoline prices.
Ironically, higher gasoline prices are also what helped propel Chevron to its all-time best quarter. Don’t pretend you don’t like it, Chevron.
As we did yesterday with Shell, we’ve broken Chevron’s quarterly profits down: $80 million a day. $3.3 million an hour. $926 every second. And so, Chevron would have earned:
Philip Bump writes about the news for Gristmill. He also uses Twitter a whole lot.
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