Two California Refiners Reveal Windfall Profits For 2022, Continuing In Footsteps of Chevron

Los Angeles, CA—Marathon Petroleum made 75 cents in profit per gallon off West Coast drivers in 2022, virtually doubling what it made the year before, strengthening the case for the California legislature to enact a windfall profits penalty. Meanwhile Phillips 66 reported fourth quarter West Coast results indicating a moderating influence simply from the threat of a windfall profits cap, Consumer Watchdog said today.   

Four out of the five big California refiners have now reported profits of $72.5 billion for the year. (Chevron, Marathon, Valero, and Phillips 66.)