ConocoPhillips is the first of the five Big Oil companies to announce their 2012 second-quarter profits. They reported $2.3 billion earned, bringing their total profits in the first half of 2012 to $5.2 billion. Meanwhile, ConocoPhillip’s production has decreased by 6 percent compared to this time last year, from 1.64 billion barrels of oil and oil equivalent per day to a current rate of 1.54 billion barrels per day.
ConocoPhillips is ranked as the ninth-largest company in the world in the Global Fortune 500. It is using its billions of dollars to influence lawmakers to continue to protect $2.4 billion in unnecessary tax breaks for the five largest oil and gas companies, with the vast amount going to Republican allies.
Here is a glimpse what else ConocoPhillips is funding:
ConocoPhillips has already spent $1 million lobbying Congress this year. In 2011, ConocoPhillips spent over $20 million on lobbying Congress, making it the top spender of the oil and gas industry. Conoco has contributed nearly $400,000 to federal campaigns this year, with 90 percent of the contributions going to Republicans. Conoco is sitting on $1 billion in cash reserves. The company spent 35 percent more than they earned this quarter — or $3.1 billion — buying back its own stock, which enriches the largest shareholders and executives. Conoco paid an 18 percent effective federal tax rate in 2011. This is nearly half of the 35 percent standard top corporate tax rate. ConocoPhillips’ outgoing CEO James Mulva received over $15 million in yearly compensation, earning nearly $80 million over five years.
On Thursday, Exxon Mobil and Royal Dutch Shell will announce their second-quarter profits.
Noreen Nielsen is CAPAF’s Energy Communications Director and Jackie Weidman is a special assistant for energy.