A new analysis out Wednesday found the value of shares held by the CEOs of just eight fossil fuel corporations has surged by nearly $100 million since the start of the year—further evidence, experts say, that oil and fracking executives are capitalizing on Russia's invasion of Ukraine to consolidate their wealth.
The executives of fracking and liquefied natural gas (LNG) companies Cheniere, EQT, and EOG Resources; pipeline giants Kinder Morgan and Enbridge; and industry powerhouses Chevron, ConocoPhillips, and ExxonMobil see Russia's deadly assault, which began on February 24, as a "goldmine" and "are in a mad dash to profit" from it, according to researchers at Food & Water Watch.
"While carnage happens in Ukraine, these predators are taking advantage of global price increases that have sent company stocks soaring," they wrote, adding:
"The value of Cheniere CEO Jack Fusco's company stock is up $25 million from January to March 10. ExxonMobil CEO Darren Woods' stock holdings have increased by $25 million over the same period. The value of Kinder Morgan CEO Steven Kean's stock has jumped nearly $15 million. Some of these corporate leaders have sold shares to cash in on the crisis. ConocoPhillips' Ryan Lance sold shares for $23 million in mid-February, while Chevron's Michael Wirth sold $14 million in stock by late February."
"This data shows that a small handful of fossil fuel CEOs are making enormous and unconscionable profits from this invasion and the ensuing humanitarian crisis," Food & Water Watch research director Amanda Starbuck said in a statement.
Many fossil fuel firms, including those examined by Food & Water Watch, have rewarded investors with share buybacks and dividend bumps in recent months.
According to researchers, the eight companies under scrutiny "announced stock buybacks and repurchase authorizations in the last year totaling over $25 billion. It's also enough to heat the homes of over 33 million people for the winter
Fossil Fuel CEOs Making 'Unconscionable Profits' Amid Ukraine Crisis: Analysis (commondreams.org)
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