An analysis released Tuesday by a trio of groups highlights how Big Oil has cashed in on various crises over the past year—including the Covid-19 pandemic, Russia’s war on Ukraine, and the global climate emergency—while enriching wealthy shareholders.

“Big Oil is living the second half of their unspoken mantra ‘socialize losses, privatize gains.’”

The new report from BailoutWatch, Friends of the Earth, and Public Citizen explains that there are two main tactics that fossil fuel giants use to benefit investors: “First, they repurchase shares of their own stock and retire them, reducing the number of shares outstanding and driving up the value of each share remaining in investors’ hands.”

“Second, they increase dividends, the quarterly payments investors receive for owning shares,” the report continues. “Oil and gas dividends, historically bigger than other sectors’, have spiked in recent months, outstripping every other industry group.”

“Amid high gas prices and war in recent months, oil and gas companies have kicked both tactics into overdrive,” the groups found, based on reviewing public statements and securities filings from the 20 largest U.S.-headquartered fossil fuel corporations.

During the first two months of 2022, “seven companies’ boards authorized their corporate treasuries to buy back and retire $24.35 […]