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ConocoPhillips By The Numbers: $5.2 Billion in 2012 Profits, $21 Million Lobbying Congress In Past 18 Months

By Climate Guest Contributor on July 25, 2012 at 9:44 am

"ConocoPhillips By The Numbers: $5.2 Billion in 2012 Profits, $21 Million Lobbying Congress In Past 18 Months"

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By Noreen Nielsen and Jackie Weidman

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.

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    4 Responses to ConocoPhillips By The Numbers: $5.2 Billion in 2012 Profits, $21 Million Lobbying Congress In Past 18 Months

    1. Mike Roddy says:

      The oil and coal companies are all the same. Money means more to them than whether life on earth is going to continue to flourish. I’m sick of them.

    2. Mulga Mumblebrain says:

      So, buying politicians by the gross (the only form they come in, let alone number) is merely a matter of a little chump change. Ah, ‘Democracy’-the Wonder of the Ages. After we obliterate the Syrians, won’t they (the ones that survive) be grateful for the opportunity to vote for their very own political impostors.

      • Lionel A says:

        Mulga, have you seen Chomsky’s ‘How the World Works’, a collection of his writings and interviews over the years? Maybe a few issues with his POV but in general a good primer for those who have never grasped the mechanisms of power.