We announced our third-quarter 2010 earnings today, and I thought you’d be interested in a couple of facts and figures about our earnings and our taxes.
In the third quarter, our earnings were $7.35 billion. During this same period, ExxonMobil generated a total of $22.54 billion in government taxes and duties. That means that for every $1 we earned, we accounted for more than $3 in government tax revenues.
ExxonMobil is not alone in generating this tax revenue. The oil and natural gas industry is a significant taxpayer, as well as an engine for jobs and economic growth. In fact, according to a recent PwC study, the industry accounts for 9.2 million full and part-time jobs, $558 billion of labor income, and more than $1 trillion of value added to the U.S. economy.
So, when you hear politicians make unsubstantiated claims about subsidies and tax breaks for oil companies, it’s worth keeping in mind the facts about how much tax our industry pays and the contribution energy companies make to our economy.
You can read more details about our third-quarter performance at exxonmobil.com.