ConocoPhillips Rakes in $3.4 Billion in Profits from High Oil Prices, Buys More Influence to Keep Billion-Dollar Tax Breaks
"ConocoPhillips Rakes in $3.4 Billion in Profits from High Oil Prices, Buys More Influence to Keep Billion-Dollar Tax Breaks"
This morning, ConocoPhillips announced their 2011 second-quarter earnings, reporting profits of $3.4 billion, bringing their total profits in the first six months of 2011 to $6.4 billion. Below is a quick look at ConocoPhillips, by the numbers:
- ConocoPhillips has spent over $6 million lobbying Congress in 2011, ranking in as the fourth largest spender this year.
- ConocoPhillips has contributed $53,600 to federal campaigns in 2011, with 85 percent of the contributions going to Republicans.
- Big Oil companies and their allies continue to aggressively lobby Congress to maintain their billions of dollars in oil industry tax breaks paid for by taxpayers.
- Conoco Phillips devoted $1.6 billion of its $3 billion 2011 first-quarter earnings to stock buybacks—more than 50 percent of its profit.
- ConocoPhillips’ Chairman and CEO James Mulva received a 25-percent hike in compensation last year, earning him a total compensation of $17.9 million.
It’s kind of an amplifying carbon-cycle feedback. Rake in billions from consumers, use the money to buy influence to maintain tax breaks. And as a bonus, any deficit cuts have to come at the expense of … consumers. Talk about win-win for Big Oil!