Tax Policy
Yet another attempt to undermine the nation’s energy industry
There’s a letter making the rounds this week in Washington from a number of Democratic Senators, asking for congressional support to remove tax provisions that help enable the oil and natural gas industry to create jobs and contribute billions in tax revenues to federal, state and local governments across the nation. While the letter wasn’t sent to ExxonMobil, I think it’s important to address the claims made in it, for two reasons: first, because they are incorrect; and second, because punishing successful companies won’t do anything to help restore our economy.
Political capital or private capital – which best drives economic growth?
If we as a nation are to work together, increase American competitiveness, reduce the deficit, and invest in innovation – all goals stated by President Obama in last night’s State of the Union address – then we cannot start this journey by casting aside one of the historic American powerhouses of economic growth and jobs. But yet, that is what the president seemed to do last night to the U.S. oil industry …
Clearing up confusion about subsidies
It’s a new year, and we have a new Congress – but unfortunately a lot of the same misinformation about energy taxes and subsidies is still circulating in public debate. Many journalists and pundits keep repeating the line that oil and gas companies receive more energy subsidies than other forms of energy, especially renewables. It’s an old line, and more importantly, it’s not true according to a range of U.S. government reports.
ExxonMobil is a leading U.S. taxpayer
Last week, the false claim that ExxonMobil paid “zero taxes in 2009” made another appearance in the political arena. The facts don’t support this claim, but for many it proves too good to pass up when engaging in political theater. Claims that ExxonMobil did not pay taxes in 2009 are just plain incorrect. The myth started with a misreading of our 2009 10-K filing with the Securities and Exchange Commission, and it’s now being perpetuated for all kinds of reasons. So, let me set the record straight.
Good energy policy makes for good economic policy – no matter who is in the majority
While news outlets around the country continue to debate the impact of the mid-term elections, I’d like to talk about a topic that was of importance long before political ads dominated TV — and it will continue to be important long after the political analysis of this week’s election ends. That topic is good energy policy.
Taxes > Earnings
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.
