Senator Elizabeth Warren on Nov. 23 called on energy companies to explain "their decisions to export record amounts of natural gas while imposing massive price increases" on consumers, accusing them of "corporate greed" while Americans struggle to pay their bills.
Warren sent letters to 11 energy companies, including Exxon Mobil, ConocoPhillips and Occidental Petroleum.
"The cause of rapidly rising energy prices for consumers and manufacturers is clear: some of the nation's largest and most profitable oil and gas companies are putting their massive profits, share prices and dividends for investors, and millions of dollars in CEO pay and bonuses ahead of the needs of American consumers and the nation’s recovery from the pandemic," Warren wrote in letters sent to the companies and posted on her website.
Warren said she was concerned about "the extent to which these price increases are being driven by energy companies’ corporate greed and profiteering."
She called on the companies to detail, for the past 10 years, their natural gas exports, percentage of total natural gas production exported, average profit margin for exported natural gas, average profit margin for domestic sales of natural gas, and the amount invested in clean, renewable energy. Warren asked for replies by Dec. 7.
Letters were also sent to EQT, Coterra, BP, Antero Resources, Chesapeake Energy Corp., Ascent Resources, Southwestern Energy Co and Range Resources Corp.
Warren's broadside on the energy sector comes a day after she called on the Justice Department to open an investigation into the impact of price-fixing and consolidation in the poultry sector on consumers and farmers.
The United States said earlier on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude.
Recommended Reading
Enterprise’s SPOT Deepwater Port Struggles for Customers
2024-04-25 - Years of regulatory delays, a loss of commercial backers and slowing U.S. shale production has Enterprise Products Partners’ Sea Port Oil Terminal and rival projects without secured customers, energy industry executives say.
Range Resources Holds Production Steady in 1Q 2024
2024-04-24 - NGLs are providing a boost for Range Resources as the company waits for natural gas demand to rebound.
EQT Sees Clear Path to $5B in Potential Divestments
2024-04-24 - EQT Corp. executives said that an April deal with Equinor has been a catalyst for talks with potential buyers as the company looks to shed debt for its Equitrans Midstream acquisition.
Novo II Reloads, Aims for Delaware Deals After $1.5B Exit Last Year
2024-04-24 - After Novo I sold its Delaware Basin position for $1.5 billion last year, Novo Oil & Gas II is reloading with EnCap backing and aiming for more Delaware deals.
Matador Hoards Dry Powder for Potential M&A, Adds Delaware Acreage
2024-04-24 - Delaware-focused E&P Matador Resources is growing oil production, expanding midstream capacity, keeping debt low and hunting for M&A opportunities.