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News & Politics News & Politics

Exxon Makes $104 Million In Profit Per Day So Far In 2012, While Americans Are Stuck With A Higher Gas Bill

Posted by on Apr. 26, 2012 at 1:05 PM
  • 15 Replies

$9.45 billion profits, or almost $104 million per day in the first three months of the year.

13 percent: The tax rate Exxon paid last year, lower than the average American family.

60 percent of its first quarter earnings, or $5.7 billion, on buying back stock. Became world’s largest dividend payer by increasing dividends 21 percent.

$1,091,000: Political contributions sent to federal politicians for the 2012 election cycle, making it the largest oil and gas spender.

91% of these contributions went to Republicans.

More than $52,000,000: Lobbying for the first three years of the Obama presidency, 50 percent more than in the Bush Administration.

$34.9 million: Exxon CEO Rex Tillerson’s salary for 2011, a 20 percent raise.

$52,300: Political contributions from Exxon CEO Rex Tillerson in the 2012 cycle, alone.

No. 2: Fortune 500 list of richest companies and for highest-paid CEO.

by on Apr. 26, 2012 at 1:05 PM
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Replies (1-10):
shimamab
by on Apr. 26, 2012 at 2:51 PM
1 mom liked this
But they are in desperate need of tax loopholes and credits, aren't they??? Poor oil industry is really struggling. (((gag)))
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JakeandEmmasMom
by Gold Member on Apr. 26, 2012 at 2:55 PM
2 moms liked this
Whew. That's good. I've been really concerned about their bottom line -- as all good Republicans should be. Now all we have to do is wait for it to start trickling down just like Uncle Ronnie promised it would.
*Settles in for what promises to be a very long wait*
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_Kissy_
by on Apr. 26, 2012 at 5:20 PM
bump
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asfriend
by on Apr. 26, 2012 at 5:26 PM

Where do you all think that money is, right now?

im23vaughn
by Bronze Member on Apr. 26, 2012 at 9:43 PM
2 moms liked this

_Kissy_
by on Apr. 26, 2012 at 9:45 PM
2 moms liked this

matreshka
by Gold Member on Apr. 27, 2012 at 6:59 AM

I bet BP's not having anxiety attacks when they go to the pump, but wait -- its all Obama's fault right? surprise

Carpy
by Platinum Member on Apr. 27, 2012 at 7:16 AM
2 moms liked this

The article neglected to state

QI: Exxon Paid Almost $1M per Hour in Income Taxes and Its Effective Tax Rate Was 42.3%

ExxonMobil reported its first quarter 2011 earnings today, which came in at $10.65 billion, an increase of 69% from the same quarter last year when it earned $6.3 billion.  While the huge earnings amount captured all of the media attention, several other items received much less attention (see chart above):

1. ExxonMobil paid $8 billion in income taxes to various governments in the first quarter, which is about $22 million in income taxes each day, or almost $1 million each hour.  

2. ExxonMobil spent $7.8 billion in the first quarter on capital equipment and exploration (73% of its after-tax earnings), or more than $21 million per day, which is an increase of 14% compared to the first quarter last year.  Over the next five years, the oil company plans to invest about $175 billion in capital equipment and exploration - that's equivalent to almost the entire GDP of the Philippines in 2010.  

3. Compared to the first quarter last year, ExxonMobil increased its output of oil and natural gas by 10%, and a large part of that increased output came from a 192% increase in natural gas production in the United States, thanks to new advanced drilling technologies like hydraulic fracturing.  While higher oil prices certainly played a major role in increasing Exxon's profits, the role of increased output shouldn't be ignored.  And we shouldn't forget that retail natural gas prices in the United States, adjusted for inflation, are the lowest now since December 2002, in large part due to increased domestic production from companies like Exxon. 

4. Dwarfing Exxon's first quarter profits of $10.65 billion, are the total taxes paid or collected around the world by Exxon from January to March, which totaled to$26.2 billion and include:  a) $8 billion in income taxes, b) $10.3 billion in sales-based taxes, and c) $10.3 billion for all other taxes including property taxes, etc.

5. Exxon Mobil paid $8 billion in income taxes in the first quarter on $18.9 billion of income, which translates into a 42.3% effective income tax rate on its income.  And yet according to Obama and others, oil companies "aren't paying their fair share of taxes," and should be taxed more? 

6. The 6.1% average profit margin for Exxon's industry "Major Integrated Oil and Gas" ranks #112 among all industries for the most recent quarter (data here), so if Obama wants to target "excessive" corporate profits, there are many other industries much more profitable than the oil and gas industry.  For example, the surge in commodity prices has resulted in "windfall profit" margins of 31% for the silver industry, 23% for the copper industry and 19.8% for the gold industry.  Internet providers are capturing 23% in profit margins, cigarette companies more than 21% and periodical publishers are earning a whopping 51.6% profit margin, so perhaps those would be ripe targets for Obama's new lust to confiscate "windfall profits.

http://www.exxonmobil.com/Corporate/Files/news_release_earnings1q11.pdf

JakeandEmmasMom
by Gold Member on Apr. 27, 2012 at 10:37 AM
1 mom liked this
Poor Exxom! They had to pay taxes. *sniff*

Imagine that, though. Paying taxes didn't hinder their ability to make a profit. But...but...I thought if they had to pay taxes they would go out of business and not be able to create jobs. *scratches head*
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Mamawto4
by Bronze Member on Apr. 27, 2012 at 11:08 AM
3 moms liked this

For many people, aparently a tax rate of 42.3% isn't high enough when it's a business or a wealthy person paying the taxes.  Likely the same people who think it's "fair" for those who don't pay any taxes to get $10,000 income tax return checks.

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