Exxon CEO: We're helping Americans suffering from gas prices by hiking investor dividends

Exxon CEO Darren Woods on Friday shot back at criticisms about his company raking in record profits even as Americans suffer from paying high gas prices.

Bloomberg News reports that Woods said that his company is giving back to ordinary Americans by hiking up the dividends being paid out to the company's shareholders.

“There has been discussion in the U.S. about our industry returning some of our profits directly to the American people,” he said in prepared remarks ahead of the company’s earnings conference call. “That’s exactly what we’re doing in the form of our quarterly dividend.”

Given that most Americans are not investors in Exxon, it seems doubtful that "the American people" as a whole will benefit from this announcement.

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Additionally, hiking up dividends is beneficial to Exxon executives who are compensated with company shares, as the higher dividends will increase those shares' value.

In total, reports Bloomberg, Exxon raised its quarterly dividend payout to 91 cents per share, higher than the 88 cents per share consensus forecast.