The fine should have been $13 Billion instead.
this post was submitted on 23 Mar 2024
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Yeah, $13m for an oil spill seems like a prick on the finger.
Especially for a company that had profits of 21b in 2023
Profits or revenue?
Profits. Revenue was close to 200b
Jesus.
Profit on full year 2023. Revenue was 200b
https://finance.yahoo.com/news/chevron-full-2023-earnings-misses-135227949.html
It is multiple spills and some have been going on for decades.
Damn a record fine and it's fucking pennies to Chevron. They make $13 million of revenue every 35 minutes.
But it's the biggest ever, therefore the peasants should feel much gratitude for their magnanimous government!
Sorry that I ran over your bike, kid. Here's twenty cents, go get some ice cream.
I was pretty happy, until I saw 13 mil. that's just the cost of business to them
fine those fuckers into the ground. a whole quarters worth of income
though I'm sure they'd find a way to cut THW employees pay and pay the CEO even more
a record-setting $13 million
I don't know what's more pathetic- that they were fined $13 million or that's it's a record fine.
Somehow we can get a judge to put Trump on the hook for 3/4 of a billion dollars and Alex Jones for over a billion but Chevron? The amount of money they probably make in a couple of days if that.
They spent $11.25 BILLION on stock buybacks in 2022, from their $235.7 BILLION in revenue. But yeah, I'm sure a $13 million fine is really going to show them!
How the hell was 13 million a record fine?
And it still means literally nothing. Either high level execs go to jail or nothing will ever change.
In the fourth quarter of 2023 Chevron made $6.9 billion. Their fine is 0.19% of the money they made in one fucking quarter.
Annnndddd they made up that fine in a couple hours today.
This part is hilarious in a sad way:
At least one of Chevron’s spills is still running 21 years after it began in a Kern County oilfield, although a state spokesperson said it has been reduced by 98% “from its peak.” The amount spilled from the site, dubbed GS-5, is larger than the Exxon Valdez disaster.
It's reduced because it's been leaking for 21 years! It's bound to stop flowing as aggressively as when it first started.
For every oil spill they have to pay 25% of their profits from the last year or their projected profits from the current year.
And then keep spilling, because paying the fines is cheaper than fixing the problem.
“CalGEM got revenue too — the agency is completely funded by the industry it regulates, and this year will receive 67 cents for every barrel of oil produced”. Big problem.
It's just record fines, Michael. How much could they cost? Ten dollars?