Tax Policy
ExxonMobil’s U.S. taxes and U.S. earnings – Some relevant numbers for Washington
In trying to justify tax increases on oil companies, politicians like to use big numbers. They talk about our worldwide earnings, which we reported last week were $10.7 billion during the first quarter of 2011. They do that to make the case that we shouldn’t receive economy-wide tax deductions, such as one I’ve written about before that’s in place to support manufacturing jobs in the United States, or another that prevents U.S. companies from paying double taxation on income earned outside the country. Their argument is that because we had strong worldwide earnings, that we’re somehow not paying our fair share of taxes. Well, let me give you some quick numbers to help you decide.
Where do your gasoline dollars go?
Many in Washington would like motorists to think the high prices they are paying at the pump these days are flowing directly into the pockets of ExxonMobil and other oil companies. This misperception helps fuel the demonization of “Big Oil” and the misguided notion that energy prices can be solved by raising taxes on the oil industry. But the facts prove otherwise.
ExxonMobil’s earnings: The real story you won’t hear in Washington
Big numbers make headlines – like our announcement of $10.7 billion in earnings for the first quarter of 2011. What may not make the headlines is the context surrounding that number, so I thought I would share with you what I told reporters following the announcement.
Gas prices and industry earnings: A few things to think about the next time you fill up
Here’s a simple fact of economics that’s getting everyone in Washington pretty excited this week: When prices increase for a commodity like oil, companies that produce and sell that commodity earn more money. So, as we get ready to release our quarterly earnings on Thursday, here are a few things to consider when you see the inevitable headlines and sound bites about high gasoline prices and what to do about them.
Taking a look at our 10-K
Today, we filed our annual Form 10-K with the Securities and Exchange Commission. This document provides valuable information to investors about the financial and operating strength of our company. The report contains everything from data on production volumes and acreage to financial statements and summaries for key business segments. Unfortunately, from time to time, individuals from media or politics use the data out of context, which can lead to distortions.
Picking winners and losers in the 2012 budget
On Monday, the Administration released its budget request for fiscal year 2012. Unfortunately, the Administration is proposing almost $90 billion in tax hikes for the oil and natural gas industry, albeit under the guise of “eliminating subsidies to fossil fuels” in an attempt to gain popular support for this measure. This misleading rhetoric not only ignores the contributions of the U.S. oil and natural gas industry to America’s economic and energy security – but it also ignores the negative impact that higher industry taxes could have on consumers.
