"Chevron Earns $19 Billion Profit So Far This Year, Spending Millions To Elect House GOP"
By Jackie Weidman and Rebecca Leber
Chevron, the second largest oil company in the United States and eighth largest in the world, earned $5.3 billion in profits in the third-quarter of 2012. This brings their total profits for the first nine months of this year to $19 billion.
Last month, Chevron made the single-largest corporate donation since Citizens United. The company dropped $2.5 million with the Congressional Leadership Fund, a super PAC for House Republicans, after congressional GOP voted at least twice to protect Chevron’s $700 million tax breaks.
Below is a glimpse at what Chevron is spending its billions in profits:
– Chevron paid a 19 percent effective federal tax rate in 2011, after making $26.9 billion profit.
— Since 2011, Chevron has spent $16.6 million lobbying Congress to block pollution controls and safeguards for public health.
— Chevron spent $3.7 million on campaign contributions this election, with 85 percent of contributions going to Republicans. Chevron gave more than any of the other Big Five Companies.
–Meanwhile, Chevron’s production has decreased by over 6 percent since this time last year, from 1.7 billion barrels of net liquids (oil + natural gas liquids) to a current rate of 1.68 billion barrels per day.
— Chevron is sitting on cash reserves totaling $21.3 billion, up from $15.8 billion in January.
— Chevron spent 24 percent of its Q3 profits buying back stocks ($1.25 billion), which enriches the largest shareholders.
— Chevron paid a 19 percent effective federal tax rate in 2011, well below the statutory corporate rate of 35 percent.
— Chevron CEO John Watson received over $17 million in compensation last year.
The Big Five companies are on track to make over $100 billion in profits this year, while they collect $2.4 billion in annual tax breaks. Meanwhile, they are producing 5 percent less oil than the third quarter last year. The Big Five has spent more than $100 million lobbying Congress since 2011, and millions on campaign contributions.