Government

Exxon Earns Huge Profits, But Also Pays Huge Taxes

As you are paying record prices for gasoline and watching that cost increase weekly, the world’s largest oil company, Exxon-Mobil is reporting near-record profits in the first quarter of 2011.

Before you start chanting anti-Exxon slogans, you should know that only 3% of the oil company’s profits come from the U.S. They are a global company with a diverse revenue base. To give us the big picture on this, Ken Cohen, vice president of public and government affairs for Exxon Mobil Corporation has posted some details about the company;

Less than 3 percent of ExxonMobil’s earnings are from U.S. gasoline sales
ExxonMobil’s earnings are from operations in more than 100 countries around the world. The part of the business that refines and sells gasoline and diesel in the United States represents less than 3 percent – or 3 cents on the dollar – of our total earnings. For every gallon of gasoline, diesel or finished products we manufactured and sold in the United States in the last three months of 2010, we earned a little more than 2 cents per gallon. That’s not a typo. Two cents.

Wow. While Exxon Mobil squeezes a couple of pennies out of each gallon of gas, the U.S. government does a bit better. The government rakes in somewhere between 40-60 cents in taxes from each gallon of gas. And since the government spends ZERO dollars to sell that gasoline, their profit margin is 100%.

More from the Exxon Mobil report;

The main component of the price at the pump is the cost of a barrel of crude oil. Another major component of the price of gas is state and federal taxes, which range from a high of 66 cents per gallon in California to a low of 26 cents per gallon in Alaska, according to January 2011 data.

The oil giant must have remembered Congresswoman Maxine Waters’ 2008 comments about socializing oil companies, because they also released some additional financial information to clarify just how they make their money.

ExxonMobil’s earnings are in line with the industry average
In 2010, ExxonMobil made less than 8 cents for every dollar of revenue from all of our businesses around the world. That’s less than half of companies selling pharmaceuticals, beverages, tobacco and computers, just to name a few. On a dollar-for-dollar basis, our earnings, and those of the U.S. oil and gas industry at large, are generally in line with the average earnings of all U.S. industries.

Exxon Earns Huge Profits, But Also Pays Huge Taxes

It is doubtful that Rep. Waters will be swayed by something like the facts. We remind you of the Congresswoman’s comments during the last run-up of oil and gas prices:

Ms.Waters has been silent, but former speaker Nancy Pelosi fired off a letter to Speaker John Boehner almost immediately;

“Two weeks after Republicans voted to end Medicare as we know it in order to give tax breaks to Big Oil, Exxon is now reporting soaring profits.

“There is no reason American taxpayers should subsidize Big Oil’s profits.  This week, Speaker Boehner said that oil companies should pay their fair share; it’s now time for him to make good on that statement and schedule a vote next week on ending taxpayer subsidies to Big Oil.

“It’s time to turn off the spigot of public funds flowing to Big Oil; to invest in clean energy and reduce our dependence on foreign oil; and to create jobs while we responsibly reduce our deficit.”

Ms. Pelosi seems to have glossed over the fact that Exxon also paid almost $10 billion dollars in U.S. taxes last year alone, and just under $59 billion in the past five years.

Exxon Earns Huge Profits, But Also Pays Huge Taxes

Unlike the corporations like GE that admit to paying zero tax, Exxon Mobil appears to be supporting the U.S. economy reasonably well.

Comments (180)

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  • matinva
    Posted on April 29, 2011 at 12:01pm

    For all the liberals out there who love to hate the oil companies, I suggest you stop for a second and just look around your mommies basement, where you probably live. EVERYTHING you can see or touch, and I mean EVERYTHING…is either made from petroleum or was delivered to its present location BY petroleum. That includes your clothes, food and shelter. Without America’s genius in developing the thousands of products and by-products from oil, you’d lead a pretty miserable life by comparison. You should be cheering them on.

    Report Post » matinva  
  • drphil69
    Posted on April 29, 2011 at 12:00pm

    I love that the average joe is so dumb he thinks corporations actually pay taxes. If the govt adds tax to a corporation, do you think they cut the executives pay to compensate? Take it out of profits? Or raise prices? If govt imposes $1 per item tax, how much more do you think you pay? Likely you would pay $1.35 – $2 more! Companies work on margins, for a 20% margin, a $1 tax becomes $1.20 added to sale price. Said company sells to wholesaler, who sees the $1.20 increase, tacks on their margin, an now the price has gone up $1.44. Wholesaler sells to retailer, who sees $1.44 increase, tacks on their margin, now the price increase is $1.68. Like taking candy from a baby, the govt extracts every penny from you suckers and even has you cheering as they do! (So many useful idiots, so little time!)

    Report Post »  
    • BetterDays
      Posted on April 29, 2011 at 12:25pm

      Flat tax at points of consumption, by amendment to constitution so socialist‘s can’t raise it every two weeks. 15% individual and 28% corporate, end debate.

      Report Post »  
    • DADA
      Posted on April 30, 2011 at 1:31am

      Dr. Phil many corporations are small businesses which pay a huge portion of the tax burden, not to mention matching taxes for Social Security and medicare of all their employees. The income earned by the individuals who run them is also typically taxed at the highest rate as well. Meanwhile 47% of the working public get more back than they pay in taxes. Wake up. Stop buying into the class warfare BS you hear about from the left.

      Report Post » DADA  
  • miles from nowhere
    Posted on April 29, 2011 at 11:53am

    When gas prices get back to $2.00/gal. I will not care what the gas companies make. Gas prices are being affected by rotten politics peroid. Obama and leadership of the Democrats in charge are our countries real problems.

    Report Post »  
  • Sinista MACE
    Posted on April 29, 2011 at 11:45am

    Cost of doing business.

    Federal Reserve gets its miniscule tax that goes directly to pay JUST a FRACTION OF THE INTEREST on the national debt, and Exxon gets to keep jacking around with the oil.

    The people get screwed.

    Nothing new here.

    Report Post » V-MAN MACE  
  • quicker
    Posted on April 29, 2011 at 11:43am

    A couple of weeks ago I heard talk of maybe raising the gas tax.Have any of you heard that too.

    Report Post » quicker  
  • alr79
    Posted on April 29, 2011 at 11:26am

    I’m an oilfield operator. That being said, the company I work for pays a large amount in state and fed taxes. We spend so much money in taxes, we can’t get a “cost of living raise”. It’s a bad time to work in the oil industry, from top to bottom.

    Report Post » alr79  
  • momprayn
    Posted on April 29, 2011 at 11:23am

    Speaking of our little oil problem:

    Are you aware that the Saudis are boycotting American products? In addition, they are gouging us on oil prices. How about we boycott them?
    The following gas companies import Middle Eastern oil:

    Shell……………………………….. 205,742,000 barrels
    Chevron/Texaco………………… 144,332,000 barrels
    Exxon /Mobil…………………… 130,082,000 barrels
    Marathon/Speedway…………. 117,740,000 barrels
    Amoco……………………………. 62,231,000 barrels

    And CITGO oil is imported from Venezuela who’s Dictator Hugo Chavez hates America and openly avows our economic destruction! (We pay Chavez’s regime nearly $10 Billion per year in oil revenues!)

    The U.S. Currently imports 5,517,000 barrels of crude oil per day from OPEC. If you do the math at $100 per barrel, that’s over $550 million PER DAY ($200 BILLION per year!) handed over to OPEC, many of whose members are our confirmed enemies!!!!! It won’t stop here – oil prices could go to $200 a barrel or higher if we keep buying their product.

    Here are some large companies that do not import Middle Eastern oil:
    Sunoco……………………..0 barrels
    Conoco………………………0 barrels
    Sinclair…………………….0 barrels
    BP/Phillips………………..0 barrels
    Hess…………………………0 barrels
    ARC0…………………………0 barrels
    Maverick…………………..0 barrels
    Flying J……………………..0 barrels
    Valero………………………..0 barrels
    Murphy Oil USA *………….0 barrels *Sold at Wal-Mart , gas is from South
    Arkansas and fully USA owned and produced. Not only that but they give scholarships to all children in their town who finish high school and are
    legal US citizens.

    All of this information is available from the U.S. Department of Energy and each company is required to state where they get their oil and how much they are importing.

    Report Post »  
    • BetterDays
      Posted on April 29, 2011 at 11:56am

      Thank you for this information, poignant and timely, great post.

      Report Post »  
    • Crave
      Posted on April 29, 2011 at 6:07pm

      Very nice information. It also makes me feel good to know that my support of the local company, Hess, has been a patriotic choice.

      Report Post »  
    • Crave
      Posted on April 29, 2011 at 6:12pm

      Very informative! I’m happy to see that my support for the local company, Hess, has been a patriotic choice.

      Report Post »  
  • travlman77
    Posted on April 29, 2011 at 11:21am

    I thought making a profit was what all the Exxon shareholders (like me) wanted them to do.

    Report Post » travlman77  
  • Paulhgreenbay
    Posted on April 29, 2011 at 11:17am

    Perhaps the side effects of one policy would afford another. What was Maxine Waters talking about three years ago? I mean if gas goes up higher BHO won’t have any choice but to pull a Hugo. I’m just saying. Would make sense to do it to profitable entities to siphon off money to spend on progressive programs. I firmly believe the long view of health care will be a time when there are no waivers for anyone except the chosen elite. There won’t be an opt out penalty. Premiums will be deducted per pay period just as social security & medicare are now. Once this stranglehold is in place health care will be throttled. It’s anyone guess what the guaranteed surplus will be used for.

    Report Post » Paulhgreenbay  
  • psst
    Posted on April 29, 2011 at 11:07am

    The Government creates more bogeymen than you can shake a stick at.
    Whether One uses tobaccy or not is besides the point here.
    The point is. The government for many many Moons have been decrying the evils of tobaccy and the evil tobaccy companies.
    While at the same time, they make mucho mucho more $$ from each carton of cigs sold than do the manufacturers or the retailers. The feds excise taxes are built in to the cost of the product. I’m just addressing the feds take on this. The states also make more on each carton(stamp tax and sales taxes) than does the manufacturers and retailers.
    Evil oil and evil oil companies evil tobaccy and evil tobaccy companies. No matter what the government say about them. The government makes more $$ per gal and per ctn than does the profits of producers and retailers .
    As for the oil companies amount of profits in $$. The government knows most amerikan are stupid. The government knows their publiK sKrools flunkies have deliberately dumb down the chirrens/chilluns as to the difference between profits and profit margins.
    Just look at the government profit. Their ROI is the envy of large and small companies alike.

    Report Post »  
  • 4X4in
    Posted on April 29, 2011 at 11:03am

    Fuzzy math is the rule anymore, can’t believe anything. And that is SAD!

    Report Post »  
  • quicker
    Posted on April 29, 2011 at 11:02am

    One thing that would help drop the price of gas would be is to stop with 47 or so blends .that would deceese plant down time on al of the t.a.r.s{turn arounds}I work in the industrie.the plant I work in has several a year.This means they shut down and hire thousand of temp workers to clean before each blend.Extra costs

    Report Post » quicker  
    • GEW
      Posted on April 29, 2011 at 11:29am

      Now that is interesting and something I have never read. Tks. I mean it. Tks.

      Report Post » GEW  
    • GhostOfJefferson
      Posted on April 29, 2011 at 11:54am

      Yes, excellent suggestion. It’s only starting to hit the public consciousness now that there are “summer blends” and “winter blends”. The entire need for federally mandated “blends” will come shortly I hope.

      Report Post » GhostOfJefferson  
  • Paulhgreenbay
    Posted on April 29, 2011 at 10:53am

    How could anyone expect the ‘new math – grade my paper with a purple pen’ crowd to understand this data?

    Report Post » Paulhgreenbay  
  • jeff.cooper
    Posted on April 29, 2011 at 10:53am

    Profits drive innovation and increase employment – history proves that. Unfortunately, government wants to wet their beak more and more on the profits of corporations while demonizing those profits in the media, telling us that they need to pay their “fair share”. When is enough, enough? I am getting sick of the collective mentality being promoted by the WH and Congress.

    Report Post » jeff.cooper  
    • Non-sequitur
      Posted on April 29, 2011 at 11:14am

      “Profits drive innovation and increase employment – history proves that.”

      History proves that profits are money that did not get invested into innovation and new employment. American companies had their most profitable year in 2010, a year with unusually high unemployment if you will recall:

      http://www.nytimes.com/2010/11/24/business/economy/24econ.html

      Also, companies only pay taxes on money they do not reinvest or otherwise spend. That’s like you taking home your whole paycheck, paying for rent, gas, food and everything else and then paying taxes only on the money you have left. Companies are not treated like people, they receive preferential treatment.

      Report Post »  
    • GhostOfJefferson
      Posted on April 29, 2011 at 11:39am

      @Non-Sequitur

      “History proves that profits are money that did not get invested into innovation and new employment. ”

      And what history would that be, precisely? The history that tells us that the rich take their money home in wheelbarrows and dump it into big piles inside a safe with a comically huge door on the front of it and let it sit doing nothing?

      Funny because I can tell you for a fact that my surplus income is invested heavily in various financial instruments, all of which, last check, finance things like…gosh…research and new employment.

      How does that work out precisely? Am I the only one investing? Should I perhaps acquire a large wheelbarrow and start building a nice sized vault in the basement to let my money sit in large piles doing nothing?

      Report Post » GhostOfJefferson  
    • quicker
      Posted on April 29, 2011 at 11:46am

      Aw yes Scooge McDuck.

      Report Post » quicker  
    • BetterDays
      Posted on April 29, 2011 at 11:51am

      @nonsense
      The reason that they record profit did not translate into jobs and infrastructure, is that business’s know that Obama is decidedly the worst thing to happen to the economy since the depression era. Companies won‘t invest in jobs or infrastructure until they are confident that investment won’t be stolen out from under them by an anti- capitalist named Obama.
      Always spinning, never winning progressive socialism, you sir are a pathetic example of the worst of humanity, thanks for the reference point.

      Report Post »  
  • usa2stay
    Posted on April 29, 2011 at 10:47am

    The technology that allows all of us to exchange these thoughts was created by the private sector companies that make profit, some of which is taken in taxes by the Government. The enforcement of regulations that restrict American companies from developing and delivering our own natural energy resources is funded by the above mentioned taxes. Go figure.

    Report Post »  
  • DaveOregon
    Posted on April 29, 2011 at 10:40am

    This crap about the oil companies has been going on for 40-years. True, some of the blame for past foreign policy debacles they were part of – like getting rid fo the Shah of Iran and a few others. But really – until you come up with a fuel that is as plentiful as oil and fits your infrastructure for delivery – it’s not going away. Agree with Flat Tax – get rid fo the loopholes and you end a lot of the sleezy actions of lobbyists and politician collusion. Even the founders knew that lobbyists were a problem – just never figured out how to get rid of them.

    Report Post »  
  • Rice Water
    Posted on April 29, 2011 at 10:35am

    Sigh.

    Exxon doesn’t build & maintain the roads, bridges, infrastructure, etc. that make their product usable, desirable, and necessary.

    Report Post » Rice Water  
    • Gonzo
      Posted on April 29, 2011 at 10:50am

      They paid $60 billion in taxes to build and maintain roads. Nobody is saying they shouldn’t.

      Report Post » Gonzo  
    • 13th Imam
      Posted on April 29, 2011 at 10:50am

      Actual Taxpayers do.

      Report Post » 13th Imam  
    • GhostOfJefferson
      Posted on April 29, 2011 at 10:51am

      No, they don’t. Their product however is used as the base ingredient for asphalt (look it up). Their product is also used to make most of the plastics used on the machines that pave those roads. And their product is used *in* the machines that go to make those roads.

      Report Post » GhostOfJefferson  
    • quicker
      Posted on April 29, 2011 at 11:04am

      It is also use to make tires.That part of the reason that they wear longer

      Report Post » quicker  
    • BetterDays
      Posted on April 29, 2011 at 11:45am

      @rice burner
      And neither do you, therefor we have decided to tax you at 110% of your wages, now get out!
      No wait I‘ve a better use for progressive socialist’s , if they’re as tuff as they pretend to be we can substitute them for asphalt. Nah, I’m just being silly, but really, do you have a clue to the meaning of the phrase “cutting off your nose to spite your face”?.

      Report Post »  
    • rosegrower
      Posted on April 29, 2011 at 3:44pm

      By the looks of the roads and bridges in Minnesota, neither does the government. What they do with the 60 cents per gallon tax they charge every driver is………..?

      Report Post »  
    • Rice Water
      Posted on April 29, 2011 at 7:36pm

      Frankly, most of your responses to my comment are nonsense to me, but I’ll attempt to address the more coherent ones:

      @betterdays: Actually, we DO pay for them through said taxes. The point of my post was that the governement does not take $0.50 out of each gallon out of pure, evil avarice; rather, that money goes to pay for the infrstructure that makes automotive travel possible.

      @Rosegrower: I thought the bridge collapsed due to “design flaws”? That’s what Glenn said, anyway. You can’t have it both ways, Junior.

      Report Post » Rice Water  
  • MikeinIdaho
    Posted on April 29, 2011 at 10:30am

    I guess they didn’t get any lessons from GE on not paying any taxes, huh? Goes to show, if you are friends of the emperor, you get all the bennies!

    Report Post » MikeinIdaho  
  • PatrioticAmericanDad
    Posted on April 29, 2011 at 10:29am

    All Americans should ask themselves what they would do without what the Oil companies provide.

    Report Post » PatrioticAmericanDad  
    • GhostOfJefferson
      Posted on April 29, 2011 at 10:49am

      Yep.

      Cars, aircraft, in fact all transportation except a Leaf or two and a Tesla or two, stopped dead in their tracks.

      Farm equipment, no longer working.

      Plasitcs – gone.

      Pill capsules – gone

      National defense – gone (run a tank without diesel, I dare you)

      Oil to simply maintain electric generation in *any* type of power plant (nuclear, coal, kitten-burning, etc) – gone

      Did I mention *all plastics*? Oh, yes, I did.

      And petroleum jelly, gone. This is the big one, because without it we’d start waking up to the actual pain of what our government is doing to us…*cough cough*.

      Report Post » GhostOfJefferson  
    • quicker
      Posted on April 29, 2011 at 11:33am

      Don`t you just like it when they say bend err imean lean foreward

      Report Post » quicker  
  • I.Gaspar
    Posted on April 29, 2011 at 10:27am

    Let’s see…
    Exxon Mobil, enemy of Obama/Pelosi paid $10 billion in taxes.
    General Electric, best friend of them…paid ZERO.
    And yet the left still pushes the same crap.
    When Pelosi et al look in the mirror, I wonder what they see.

    Report Post »  
    • Gonzo
      Posted on April 29, 2011 at 10:33am

      I’m pretty sure Nancy sees a dried up old hag.

      Report Post » Gonzo  
    • GhostOfJefferson
      Posted on April 29, 2011 at 10:38am

      I suspect she sees nothing. Silly boy, vampires cannot see their reflection in a mirror!

      Report Post » GhostOfJefferson  
    • Gonzo
      Posted on April 29, 2011 at 10:41am

      Dang it Ghost, you’re right again!

      Report Post » Gonzo  
    • Miguelito
      Posted on April 29, 2011 at 10:42am

      Amen brother! Friends of Obama pay $0. The bad guy is GE not Exxon or other American oil companies. People better wake up the snowball is rolling downhill!

      Report Post »  
    • quicker
      Posted on April 29, 2011 at 11:31am

      But the botox shows thru

      Report Post » quicker  
    • BetterDays
      Posted on April 29, 2011 at 11:37am

      Guys, hold the bricks please, hear me out.
      GE and All the oil companies are in bed together, to get Global Government. Please research the CFR.org, particularly the Global Governance page on that site, look into the memberships, the companies can be found under corporate partnerships link on that site, individual memberships can be located under the about CFR link.
      One things for certine, the only thing we should do to anyone invalid is to bring them into the light and let them choose to stop trying to enslave us under Global government. I’m all for their making as much money as they can, but I refuse to let them enslave US.
      Ok, throw those bricks now.

      Report Post »  
  • starman70
    Posted on April 29, 2011 at 10:25am

    There you have it, Maxine Waters is a dyed in the wool COMMUNIST!

    Exxon Mobile makes only 8% profit on the gasoline it sells. Compare that to every other supplier of goods in America. The price we are paying at the pump is a reflection of world conditions and demand. It also is a total reflection of the Obama administration’s decision to restrict if not totally ban the exploration for new reserves of oil in our own country. We have enough reserves to power America for the next 50 years if this bunch of loonies in Washington would let us develop them.

    FORTUNATELY, the 2012 election is right around the corner. Remember the price at the gas pumps when you enter the voting booth. CLEAN THE SOCIALISTS, LIBERALS AND NEO-COMMUNISTS

    Report Post »  
  • Rickfromillinois
    Posted on April 29, 2011 at 10:24am

    The facts do not matter, they are an evil oil company. So what if they make 2 cents on a gallon of gas while the Government takes 66 cents, they are still EVIL. The price of gasoline keeps going up and the obvious thing to do is take more money away from them so that the price of gas goes down. Everyone knows that we can’t take away any of the 66 cents that the Government gets because that is needed for important government programs. We need to take the 2 cents away from the oil companies to drive down prices. Don‘t worry about what the evil oil companies will do if they don’t make a profit, they will continue to sell gasoline because………well because that is what they do. If they stop doing that then the government should just take away all of the oil companies property and equipment because the Government can always do things better then businesses. That is not called theft it is nationalization and those evil oil companies deserve it.

    Report Post » Rickfromillinois  
    • PatrioticAmericanDad
      Posted on April 29, 2011 at 10:36am

      Be careful what you wish for. Look at the wonderful life those folks lead in other countries where the government has had the power to Nationalize private sector industries. Nevermind, just move to Venezula. Say hi to Hugo for me, you dope!

      Report Post » PatrioticAmericanDad  
    • GhostOfJefferson
      Posted on April 29, 2011 at 10:46am

      Hey, Dad. He was being sarcastic.

      Report Post » GhostOfJefferson  
    • Anonymous T. Irrelevant
      Posted on April 29, 2011 at 10:48am

      Maxine Waters is a fish-eyed fool. How she keeps getting re-elected shows how ignorant and corrupt her district is.
      Why do the Feds make so much from the gasoline? It should be the States that get that money to keep the roads in good shape. If GE didn’t pay taxes, I wonder if Google and FaceBook did? Someone should check the buddy correlation and see which of the Obama buddies paid taxes and who didn’t.

      Report Post » Anonymous T. Irrelevant  
    • and to the republic
      Posted on April 29, 2011 at 11:54am

      one thing I have found out on The Blaze is, ya really need to point our when being sarcastic, because it will fly over many people that visit here…

      Report Post »  
    • Rickfromillinois
      Posted on April 29, 2011 at 12:12pm

      sarcasm go right over your head moron? Too deep for you? Maybe you can get someone to explain things to you dolt.

      Report Post » Rickfromillinois  
    • BORNINTOAWORLDATWAR
      Posted on April 29, 2011 at 2:13pm

      Not everyone lives in a sarcastic world.
      Some people take others at their word.
      And some people use that against them
      Stick with the truth
      and use sarcasm against the lying progressives
      (And Trolls)

      Report Post » BORNINTOAWORLDATWAR  
    • pandeist
      Posted on April 29, 2011 at 3:00pm

      What planet are you from? Perhaps the Uber-Marxist-Leninist Elitist programmed looney tuned BSNBC crowd. You need to get a new schtick and beat that horse somewhere else; or are you just one of those (few) who just like to see their own narcissistic views in print ? ! ? ! If you think your (paid?) remarks make ANY difference to those (Here) who see through your machinations, then you Truly need professional help . . . .

      Report Post »  
  • TRONINTHEMORNING
    Posted on April 29, 2011 at 10:20am

    I surely wish more people would understand this information.

    Report Post »  
    • and to the republic
      Posted on April 29, 2011 at 10:24am

      never happen…Too easy for people to hate big oil. I for one am very thankful for BIG OIL. Without BIG OIL we would not live in the world we live in. Let em make as much in profits as they can.

      Report Post »  
    • Gonzo
      Posted on April 29, 2011 at 10:31am

      You are right Republic, this administration needs corprate boogeymen. Damn the facts, full speed ahead!

      Report Post » Gonzo  
    • RightUnite
      Posted on April 29, 2011 at 10:49am

      @and to the republic… Couldn’t agree more.

      Report Post »  
    • BetterDays
      Posted on April 29, 2011 at 11:21am

      You all know I’m a staunch conservative.
      Big oil players are part of the One world governance group. That being said I want them to make as much money as they can, but I also want them to guit trying to enslave all of us with the global government crap!
      George Washington warned us about these guys, they are trying to slam the door of liberty! Prayerfully I’m hopefull that in exposing them to the light they just go back to what they do best, provide power to run industry, transportation, and lights; and they just forget about ruling the globe.

      Report Post »  
  • ares338
    Posted on April 29, 2011 at 10:19am

    I make a habit of never listening to politicians in general and progressives particularly.

    Report Post » ares338  
    • RightUnite
      Posted on April 29, 2011 at 10:48am

      That is what I would consider a good habit. Too bad more people don’t take your advice.

      Report Post »  
    • BetterDays
      Posted on April 29, 2011 at 11:14am

      Might I suggest that you DO listen, but not believe. Progressives always tip their hands, they have “tells”, and if your not watching the other hand, what are you watching? It’s this head in the sand approach that got us in this mess, listen and report.

      Report Post »  
  • Creestof
    Posted on April 29, 2011 at 10:17am

    What PERCENTAGE of their earnings did they pay? Also, is that what they actually paid…or just what the index said they should pay based upon their earnings, but before all the tax shelters get calculated into it?

    Report Post »  
    • frustratedwithgovt
      Posted on April 29, 2011 at 10:24am

      The focus should not be on these companies or how much they pay or don’t pay in taxes. The focus should be on the tax system itself. If GE paid nothing in taxes its because the tax coded provided a way for them to do so. Fix the tax code, remove the subsidies, and level the playing field for all.

      Report Post » frustratedwithgovt  
    • enemy of the statist
      Posted on April 29, 2011 at 10:26am

      Your time would probably be better spent getting your own budget in order and learning how to best invest for YOUR family‘s future and not eyeing other’s money and trying to put together conspiricy theories on how their numbers are fudged. How about Exxon calls for a tax audit of your past four year’s filings with the IRS?

      Report Post » enemy of the statist  
    • GhostOfJefferson
      Posted on April 29, 2011 at 10:36am

      The highest earner on a gallon of gasoline is the Federal government. The second highest earner on a gallon of gasoline are State government. The oil company in question *always* comes in third, from a profit perspective.

      It’s not about profit or taxes folks. This is due to the injection of at least a trillion plus dollars created out of thin air into our economy by the government and the Fed. Food prices were showing huge increases prior to gas going gonzo. This is not a market based problem, nor can a market based solution be found for it. This is not the oil companies collective fault. Yes, they’re making “record profits”, because our money is devalued so much the last 2 years.

      Report Post » GhostOfJefferson  
    • Code_Orange
      Posted on April 29, 2011 at 10:37am

      It’s pretty obvious that Exxon Mobile needs a break! They just give, and give!

      Report Post » MONICNE  
    • MODEL82A1
      Posted on April 29, 2011 at 10:39am

      The number you’re looking for, Exxon’s Effective Tax Rate for Q1, 2011 was 42.3%. Funny that didn’t make the headlines, huh?

      Report Post » MODEL82A1  
    • Jim
      Posted on April 29, 2011 at 10:41am

      OK, their earnings were around $30B in 2010. Taxes were around $10B in 2010. Percentage is around 33%. I think that’s high personally – and so would the founders based on their writings – but we’ll go past that for now.

      Here’s the kicker to me, if Exxon (or whoever) decided to become a non-profit organization and didn’t earn anything my gas price would go from $3.89 to $3.87 – wow, what an incredible difference!!!!! If the government who regularly asks Exxon what the heck’s going on would drop what they make on a gallon of gasoline so that it matches other sales taxes, my price would drop from $3.89 to $3.49 (roughly). It would be like me yelling at my wife for buying a $50 dress, and them me going out and buying a $50,000 car. It’s beyond foolishness, and it’s beyond foolishness for us to try to defend it.

      Report Post »  
    • MODEL82A1
      Posted on April 29, 2011 at 10:42am

      CODE, you are an ignorant fool.

      Report Post » MODEL82A1  
    • Jack from Ohio
      Posted on April 29, 2011 at 10:43am

      Creestof–

      Earnings are the monies remaining AFTER paying taxes. As for calculating percentages–since you obviously don’t believe the supporting info–simply divide earnings by revenues and multiply by 100.

      Report Post »  
    • geminisailor
      Posted on April 29, 2011 at 10:44am

      Hey Creestof, as soon as these subsidies are taken away, guess what’s going to happen to the price of a gallon of gasoline…it’s going to go UP!!! Don’t cry when it does, apparently you are asking for it. Have you even paid any attention to how much you are taxed at the pump per gallon that you buy? IF so, have you compared that to what these companies earn? You ought to be infuriated that the taxes that are levied against you at the pump are literally WASTED at the federal level!!!

      Next election, Boehner needs to be voted out, period.

      Report Post »  
    • Harv
      Posted on April 29, 2011 at 10:47am

      Model, where did you come up with those numbers?

      Report Post » Harv  
    • MODEL82A1
      Posted on April 29, 2011 at 10:48am

      JACK, FAIL. You are also an ignorant fool.

      Report Post » MODEL82A1  
    • Patrick in AZ
      Posted on April 29, 2011 at 10:48am

      No, they didn’t pay those taxes, WE DID! Every dime they pay in taxes is added into the cost of providing the fuel (and other petroleum based products) – then on top of that we are TAXED AGAIN when we purchase it. The greediest players in the chain of bringing us fuel is the Federal Government – then the State Governments

      Report Post » Patrick in AZ  
    • the_zazzy
      Posted on April 29, 2011 at 10:49am

      This capitalistic pig, I mean, conservative, sees nothing wrong with these profit margins. It’s time for government to get the **** out of the way! If energy prices didn’t have to “necessarily skyrocket” under Obama’s plan, perhaps we wouldn’t be paying these prices.

      Report Post » the_zazzy  
    • Polwatcher
      Posted on April 29, 2011 at 10:50am

      Exactly…What PERCENTAGE!!! The Exon eanings were lower than many other popular companies. It makes no sense to criticize oil companies for making a modest percentage of profit. If they DON’T make a profit, we are in deep trouble. We have a real lack of understanding of mathematics in this country. That is the real threat.

      Report Post »  
    • Gold Coin & Economic News
      Posted on April 29, 2011 at 10:51am

      I think any corporation paying $10 billion in taxes is highway robbery. ExxonMobil should get a tax break. What the government is doing to them is nothing other than pure theft. The argument over taxes needs to be re-framed. Exxon earned the money and the government is stealing their money. End of discussion.

      Report Post » Gold Coin & Economic News  
    • MODEL82A1
      Posted on April 29, 2011 at 10:52am

      JACK, I apologize, it was I who was ignorant. I mistook your definition of “earnings” for “proffit”, which is almost always expressed on a pre-tax basis. I ask for your forgiveness.

      Report Post » MODEL82A1  
    • robin.kevin
      Posted on April 29, 2011 at 10:52am

      OK so they paid a lot in taxes… But lets look at who is really paying the bill. The American people with the gas prices as high as they are the oil companies ain’t hurting.

      Report Post » robin.kevin  
    • Gavinwcaf
      Posted on April 29, 2011 at 10:53am

      Corportions do not pay Taxes, PEOPLE PAY TAXES, The more Goverment Rises Taxes on the Evil Corporations the higher the price of Goods, Corporations Generally settle for 6 to 10 percent in profits, there are exceptions like Coke, etc. the higher taxes are raised the higher the Price of Products, the more the Federal Reserve Monities our Money, the higher the price of Goods go up, the dollar has lost 24% of value in the past 6 months. the lower the value of the dollar the higher the price. OUR POLITICIAN ARE THE CAUSE OF THE PRICE OF GAS, FOOD, ENERGY, AND OTHER GOODS AND SERVICE. STOP THE FED AND REDUCE PRICES, THROW THE BUMBS OUT AND STOP HIGH PRICES,

      GO TO THE FAIR TAX NOW DO NOT WAIT. STOP THESE FASCIST FROM DESTROYING THIS COUNTRY.

      Report Post » Gavinwcaf  
    • MODEL82A1
      Posted on April 29, 2011 at 10:55am

      HARV:
      http://www.dailymarkets.com/economy/2011/04/28/qi-exxon-paid-almost-1m-per-hour-in-income-taxes-and-its-effective-tax-rate-was-42-3/

      Report Post » MODEL82A1  
    • seeker9
      Posted on April 29, 2011 at 10:55am

      Pelosi and the progs are opportunists, just like the union bosses. If any one or any business makes a profit, demonize and attack them as though they committed a crime. Never mind about how much the victim has already paid. The real greedy are the accusers. They will steal and smear, tax and spend until the system collapses. Pelosi is a gisgrace to the human race.

      Report Post » seeker9  
    • MODEL82A1
      Posted on April 29, 2011 at 10:59am

      ROBIN, are you implying that oil companies (or any companies , for that matter) SHOULD be “hurting”? If so, why? Be specific.

      Report Post » MODEL82A1  
    • code green
      Posted on April 29, 2011 at 11:05am

      I don’t suppose it would make any difference to some, if the difference between gross profit and profit margine was explained .

      Report Post »  
    • BetterDays
      Posted on April 29, 2011 at 11:08am

      The democrats in the Senate are in the process of passing a bill that is very deceptive. They say that they are taking the subsidies away from the oil companies, but in truth they are just redirecting them and the oil companies still get the money. According to Max Baccus(D) the subsitys will save the tax payer 40 billion over 5 years. This money will then be spent on promotion and incentives towards alternative energy sources. So first off your taxes spent are never saved no matter how you spin it, secondly the oil companies own @96% of all energy production in America. So WE now pay for the advertising for these oil companies, they save 8 billion a year from our advertising for them, and we get a real pretty but totally bogus Baccus bill of sale. Watch the other hand indeed!
      Also all the major oil companies ARE members of the CFR, and they are actively seeking to destroy our nation to implement their One World Government. I don’t want to seize their assets or nationalize them, but just how to sign them in I don’t know how. Further more Shell oil is wholely the property of Queen Beatrice of the Netherlands ( another of my cousins) , and BP is 65% owned by the Queen of England.
      The other HAND is the CFR.

      Report Post »  
    • JAtlasShrugged
      Posted on April 29, 2011 at 11:13am

      Check the 2010 SEC filings, income tax is not the only tax they pay! The governments made 4.5 times in taxes off ExxonMobil operations than ExxonMobile did.

      Report Post »  
    • Code_Orange
      Posted on April 29, 2011 at 11:19am

      @MODEL82A1
      Please see the Light! ExxonMobil should get a tax break, the government is thieving off them. Exxon earned their money and the government is stealing their money. Axe the Coin & News agent!

      Report Post » MONICNE  
    • right-wing-waco
      Posted on April 29, 2011 at 11:28am

      With the per gallon tax, state & federal, and the state sales tax, here in California the percentage of tax on a gallon of gas is between 15% and 20%. And the greedy group is…..

      Report Post »  
    • atasteoftea
      Posted on April 29, 2011 at 11:35am

      This means EXXON will be paying a lot of taxes to the IRS unlike Obama’s GE and GM friends. US oil companies are really tax collectors.

      Report Post »  
    • robin.kevin
      Posted on April 29, 2011 at 11:36am

      not at all… just saying that I ain’t crying for them having to pay extra taxes on their profit when they are making a killing off the American people. I don’t believe anyone should be hurting except for foreign companies in which their country wont import American equal. Such as Hyundai from South Korea whom declines to import American auto…

      Report Post » robin.kevin  
    • drphil69
      Posted on April 29, 2011 at 11:52am

      Only CONSUMERS pay taxes. Wake up!

      Report Post »  
    • SPOT_OF_TEA
      Posted on April 29, 2011 at 12:04pm

      If the oil companies didnt make huge profits,how could they explore and drill for more oil?Hmmmmm……oh well theres always green energy to fall back on.

      Report Post » SPOT_OF_TEA  
    • Issachar Crust
      Posted on April 29, 2011 at 12:56pm

      As everyone focuses on Debt at the Federal level, they forget another BIG looming problem: From CNNMoney

      States are $1.26 trillion in the hole when it comes to their pension and retiree health obligations, according to a report released Tuesday.

      And taxpayers are ultimately on the hook for this shortfall, which soared 26% in one year.

      The Great Recession has wreaked havoc on states’ pension and retiree health systems, the Pew Center on the States found. The report covers fiscal year 2009, which began July 1, 2008 in most states.

      States are largely responsible for this predicament. As tax revenues plummeted, many skipped part or all of their annual retiree benefits contributions as they struggled to pay for education, Medicaid and other services.

      “Far too many states have not responsibly managed the cost of retirement benefits, effectively running up the price for taxpayers,” said Susan Urahn, the Pew Center’s managing director.

      States only contributed a total of 64% of the nearly $115 billion their actuaries recommended they put in their retirement benefits accounts for that year, the center said.

      The years of underfunding means that states now face a $660 billion gap in their pension accounts.

      ugh!!! yahoo.com/finance

      Report Post »  
    • Issachar Crust
      Posted on April 29, 2011 at 1:17pm

      Ahhh yes, those EVIL EVIL corporations LOL….they don’t pay any taxes!!! I do have to laugh on this one, and the arguments now can be FLUSHED!!!! Although there are a few like GE that pay 0%, not many get away with that, because they dont have CEO‘s kissing the Messiah’s feet!!!!!!!!!!!!!

      Report Post »  
    • Issachar Crust
      Posted on April 29, 2011 at 1:20pm

      LOL, yes the corporations DO add some of the taxes to their products but it is NOT 100%, believe me I know! If they did, no one could afford them if that were the case!

      Be real now – where does the over $2.2 trillion in gov’t revenues come from, it ain’t from all of us peons!

      Nice try though, LOL!!!

      Report Post »  
    • Issachar Crust
      Posted on April 29, 2011 at 1:23pm

      Listen people, different corps make different %’s based on the product they make or deliver. I know for a fact, as I was in the grocery industry, and no not a bag boy, a programmer I was (thanks yoda), and they make 1% profit, period. They make up for it in VOLUME (read they sell a LOT of stuff every day)!!!!

      Report Post »  
    • seeker9
      Posted on April 29, 2011 at 2:21pm

      @robin.kevin

      XOM makes $0.03 per gallon of gas. The govt makes $.30 per gallon. XOM is not making a killing off Americans.

      Report Post » seeker9  
    • restorehope
      Posted on April 29, 2011 at 2:52pm

      Obama is so inconsistent in demonizing big business. He gives GE a pass because of their progressive leanings and willingness to promote his policies. Yet he attacks oil companies because he needs scapegoats for his inept energy policies. We need to keep the pressure on him to explain just WHY big business is evil. He has no real proof and is willing to lie to distract us while he sends America into a downward spiral. Watch what his other hand is doing.

      Report Post »  
    • SheriS
      Posted on April 29, 2011 at 3:39pm

      With the Prez making stupid comments, I have to say “shut up STUPID”! Mobil was always a great company, I know because my husband worked for one of their divisions until he retired. It was a great company then and still is even though Exxon took them over several years ago! Mobil was a great company to their employess with a couple of divisions then–now with Exxon taking them over, it is still a great company! Perhaps the Prez needs to put a plug in his blowhole and keep it there or we will we see businesses closing their doors and more jobs eliminated! Businesses have a right to make profits regardless of what they produce and the Robot needs to be glad these companies are providing the jobs for people instead of making rude comments about them! We know government doesn’t provide jobs for the average joe–government only provides jobs for their cronies as we have seen from this isiot president!!

      Report Post »  
    • Clive
      Posted on April 29, 2011 at 4:58pm

      thank goodness the blaze comes to the defense of the oil companies.

      Report Post »  
    • abc
      Posted on April 29, 2011 at 5:51pm

      This article is really poorly written and reveals that writers at The Blaze don’t understand finance and economics. Exxon (XOM) earns 3% of its income from US gas sales, but that is not the only thing that it can be taxed on by the US government, so I don’t see why this 3% is remotely relevant. People are not attacking XOM for high gas prices. The company is clearly a price taker, selling a commodity, which is why it earns a relatively low operating and net margin relative to branded companies like Kraft Foods or Apple Computer. The issue with the company is what it is PAYING in taxes, net of the tax subsidies it receives for its exploration. Now, the REAL way to attack liberals arguments against big oil companies is not to show 3% profit margins on US gas sales, but to point out that the majors do not actually rely on much in tax subsidies for exploration. That subsidy actually helps out the much smaller independents that limit their exploration to the US. The majors are much more involved in international E&P work. The other point to note is that XOM is actually paying pretty healthy tax rates of 35%, although this is what they report to Wall Street. Their actual tax bill to the IRS could be much smaller, so the Blaze should not rely on the data provided by the company in its public investor filings.

      The real error in this piece is the treatment of government taxes on gas, which reveals a severe misunderstanding of the differences between business and government and highlight why the anti-government rhetoric of the right is so deeply flawed. The article notes that a larger percentage of each dollar of gas goes to the government rather than to XOM, and those taxes are a “one-hundred percent profit” since the government didn’t expend anything for the gas. This confused the pro-profit role of businesses with the anti-externality role of government. This means that while XOM is trying to maximize profits and minimize costs, it is not in the business of accounting for the costs associated with petroleum usage that are not captured in the price. What costs are these? Think about air pollution, wear and tear on roads, lost productivity from heavy urban traffic, security/military spending to secure oil in hostile places. These are all costs that XOM doesn’t price into the fuel, nor do its distributors. This is what the government is supposed to be doing. To call this a 100% profit margin is to totally misunderstand the purpose of gas taxes. It also misses the idea that the government actually DOES something useful in the process by correcting the many market failures associated with the sale of fossil fuel products. Whether Pelosi or Waters understands this is beside the point, although it makes great political red meat to equally unintelligent Blaze fans.

      Report Post »  
    • Cork
      Posted on April 29, 2011 at 6:12pm

      Reminds me of when I worked for Phillip Morris in the 90′s. The average profit off of a pack of cigs is 12.5 cents. Then the gov had the gull to sue them when they profit off cigs MUCH more than cig companies.

      Report Post » Cork  
    • abc
      Posted on April 29, 2011 at 6:26pm

      Cork, the cigarette taxes are supposed to be covering the costs to society from first and second hand smoke, and those receipts are supposed to pay for health care, anti-smoking education and other costs associated with the product that are not captured in the price. What conservatives should complain about is not that there is a tax, but that its funds are being used for purposes wholly unrelated to cigarettes. To say that the government is merely trying to profit from the tax might be true in this case, but that doesn‘t mean that the government doesn’t have a proper role. This is a mirror image of the argument that because lawyers can abuse the system, we ought to construct a society without laws. It makes not sense because it overreaches way too far. The same is true of the anti-government types complaining about taxes targeting economic externalities. Go read an introductory Economics textbook to understand this issue better. It would serve you well.

      Report Post »  
    • Ruler4You
      Posted on April 29, 2011 at 7:15pm

      Who cares ‘what percentage’ they pay… if they paid $.10 they paid more than G.E.

      Report Post » Ruler4You  
    • avenger
      Posted on April 29, 2011 at 7:27pm

      wow…perhaps owe bummer should run it a 30% deficit…..fkng liberal/commies/radical morons…

      Report Post »  
    • thetreyman
      Posted on April 29, 2011 at 8:01pm

      businesses dont pay taxes, consumers do. all corporate taxes get passed on to us. its a red herring argument to talk about companies not paying there tax share. the real issue is to have tax reform. i like the flat tax myself where everyone pays the same rate. the left will never go for it though because there is to much power to be had by having a complex tax code. they will say you cant because it will hurt the poor. i have thought about that. that is why i would like to see all deductions go away and be replaced by a $15,000 personal deduction for everyone that gets a pay check. i would lock all other taxes to the same rate also i.e. capitol gains and because you will never convince people that they pay the corporate taxes i would lock it at the same rate as well. no taxes on overtime worked to promote productivity. get rid of the death tax and gas tax and all of the other little taxes and fees that are hidden everywhere. make health savings accounts something you contribute to throughout your life that you can gain interest on. then make the government only spend what it takes in.

      Report Post » thetreyman  
    • Ruler4You
      Posted on April 29, 2011 at 8:22pm

      Fair is fair. Exxon paid its responsible portion. G.E. hasn‘t and won’t. Don‘t make a villain out of some thing that isn’t. It makes you look like a fool.

      Exxon is playing by the rules. G.E. isn’t.

      Report Post » Ruler4You  
    • seeker9
      Posted on April 29, 2011 at 11:38pm

      XOM and GE (and banks, for that matter) are both gigantic companies. They both paid the taxes that they are legally required to pay. The tax laws are in the books and were abided by. My understanding is that some of these “subsidies” for XOM are the same as for any other business, ie. depreciation, capital loss carryovers, depletion, etc. It is completely disingenuous for the union bosses, politicians, etc. to demonize them if they show a profit. For $7 or less one can be a shareholder if they think XOM only watches out for shareholders. Gas almost always goes up in the spring. One could buy in February and sell by Memorial day and thus make a profit (that would not qualify for the %15 tax rate, by the way). Watch out though! If you make too much, you would be a vile and evil rich person ripping off the middle class, sitting around doing nothing (except paying your legal share of taxes)!

      Report Post » seeker9  
    • jmmulkey
      Posted on April 29, 2011 at 11:44pm

      GE paid nothing in taxes because of their political support of Obama. If Obama would let the oil companies do their jobs, i.e. drill for oil, then refine it, then sell it etc., then they would be paying even MORE money in taxes and, oh yeah, we would be paying a LOT less for gas. The oil companies are not the ones responsible for the rise in gas prices by the way. This administration and the Federal Reserve are responsible because as our dollar keeps getting devalued, the price of oil goes even higher. As Matinva said, dang near everything we use in our daily lives was touched by petroleum (oil, gas, fuel) in one way or another. Oh, and Momprayn….awesome post! Nicely done.

      Report Post »  
    • Bill Robelen
      Posted on April 30, 2011 at 12:59am

      According to the 1st quarter report they filed, they had a net profit of 10 billion dollars on 114 billion dollars in gross revenue. That comes out to about a 9% profit margin. They paid 8 billion dollars in corporate income taxes. Total taxes paid by the company for the first quarter were 26 billion dollars. That equals to about a 23% tax margin. DISCLOSURE: I do not own any stock in Exxon, nor am I affiliated with the company in any way, I just like to check out the facts, such as reading their published report.

      Report Post »  
    • DADA
      Posted on April 30, 2011 at 1:21am

      Patrick, do you think they could pay any taxes if they did not make a profit? That is an absurd post. Of course they made money selling a product. This is America, and businesses are supposed to make a profit.

      Report Post » DADA  
    • Armed Patriot
      Posted on April 30, 2011 at 9:26am

      You know what I hate most about Exxon Mobile??? I can pull into any gas station, at any hour, day or night (assuming they are open) and put gas in my tank. I can be assured that I can fill up my tank, although it most cost $85.00 to do so. They are spot on with regards to availability. It is always there, Good job Exxon.

      The cost however, is due to the intentional actions taken by nobama to shut down oil leases, like in Alaska and the Gulf, to put huge areas off limits by moratorium or making the land National Parks or Reserves, and by the fed devaluing the dollar. Seen the price of Gold this week??? Way to go dems. Intentionally destroy our prosperity and enslave our grandchildren for the next 100 years.

      Report Post » Armed Patriot  
    • Evileye
      Posted on April 30, 2011 at 10:50am

      Before people start bitching about how much profit corporation make
      They should consider where retirement fund are invested.
      If corporations could not make money where would the state and Union invest your retirement money.
      Kill the goose no Golden egg

      Report Post »  
    • EP46
      Posted on May 1, 2011 at 8:02am

      HERE IS THE REAL QUESTION
      WHO makes more money off gasoline…the oil company or the U.S. GOVERNMENT????
      Fuel taxes in the United States vary by state. The United States FEDERAL EXCISE TAX on gasoline, as of February 2011, is 18.4 cents per gallon and 24.4 cents per gallon for diesel fuel.

      The Fed gov gets $$$$$$ from gasoline for doing nothing but TAXING

      How about cutting the tax rate on gas or giving a tax rate holiday on gasoline???

      They are again blaming big business…….ask Maxine Waters WHO BENEFITS more from higher gas prices…the business or the FEDERAL GOVERNMENT ???????

      Report Post »  
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