March 10, 2022
Oil stock sales total nearly $99 million
A new analysis released today by Friends of the Earth and BailoutWatch shows that Big Oil CEOs have sold millions of dollars worth of shares, profiting a combined total of almost $99 million, in the weeks since President Biden said that he was “convinced” Russia would invade Ukraine. The report comes as President Biden warned the oil industry and its Wall Street backers this week against “exploiting” the crisis in Ukraine.
“The CEOs of these companies have been caught cashing in on war,” said Lukas Ross, Program Manager at Friends of the Earth. “If we want to protect consumers from pain at the pump, or preserve a livable climate, it is clear the age of fossil fuels must end.”
- Since President Biden called the Russian invasion of Ukraine inevitable, at least five top Big Oil executives have cashed out nearly $99 million worth of their increasingly valuable stock.
- Hess CEO John B. Hess reported selling 650,000 shares he controlled directly or through a family trust for $65 million between March 4 and March 8, 2022. Their remaining stake after the sales are worth more than $758 million.
- Pioneer Resources ($240 a share) CEO unloaded 22,247 shares worth over $5 million on March 2, 2022. After the transactions, he and his family still own a stake in the company currently worth $145 million.
- Pioneer Director Matt Gallager (former CEO of Parsley Energy prior to its acquisition by Pioneer) sold 45,000 shares for $10.5 million between Feb 24 and March 3, 2022. After the transaction he still owned shares worth over $27.7 million.
- Marathon Oil CEO Lee Tillman reported three sales worth $14 million on Feb 18, Feb 28, and March 2, 2022. After the transactions his remaining stake in the company was worth over $24 million.
- Continental Resources President Jack Stark reported selling 50,000 shares worth $3 million on March 4, 2022. After the transaction his stake in the company was worth over $53 million.
“The actions of these oil executives makes it clear that no matter how much they groan about the Biden Administration’s environmental policies and geopolitics, their focus remains entirely on lining their own pockets,” said Christopher Kuveke, data analyst at BailoutWatch. “There’s no use looking for other answers in the industry’s school of red herrings.”
The 18 biggest Big Oil CEOs are worth over $8 billion more than they were on January 20, 2021, the day Joe Biden took the oath of office, thanks to skyrocketing share prices of the companies they control.