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Exxon Earns $9.5 Billion Q1 Profit One Month After Arkansas Oil Spill That It Pays No Taxes To Help Clean Up

By Rebecca Leber on April 25, 2013 at 10:26 am

"Exxon Earns $9.5 Billion Q1 Profit One Month After Arkansas Oil Spill That It Pays No Taxes To Help Clean Up"

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One month after dumping 500,000 gallons of tar sands crude oil from a ruptured pipeline in Arkansas, the most valuable and profitable corporation in the world ExxonMobil announced higher first quarter profits. Exxon earned $9.5 billion in the first quarter, compared to $9.45 billion last year, and Exxon’s total oil and natural gas production declined 3.5 percent.

Meanwhile, Exxon is exempt from paying taxes toward the oil spill liability fund that helps clean up spills like in Arkansas, where wildlife have been killed and covered by oil. The 1980 law exemption applies to diluted bitumen so companies escape paying the 8-cents-per-barrel fee to the fund that helps clean up hundreds of spills each year. At the federal level, Exxon’s tax rate comes to only 13 percent.

Here is how else Exxon spends its dollars, and what it receives in return:

– Exxon spent $12,970,000 on lobbying in 2012 to protect low tax rates and block pollution controls and safeguards for public health. In the first three months of 2013, Exxon spent $4.84 million lobbying.

– The company sent $3.6 million in total political contributions to PACs, candidates, and outside groups for the 2012 election cycle, and 89 percent of contributions went to Republicans. It has spent over $76,000 for the 2014 cycle so far.

– Exxon receives an estimated $600 million in annual federal tax breaks. In 2011, Exxon paid just 13 percent in taxes. The company paid no federal income tax in 2009, despite $45.2 billion record profits.

– In the first quarter, Exxon bought back $5.6 billion of its stock, or 59 percent of its profit, which enriches the largest shareholders and executives of the company.

– This year, Exxon CEO Rex Tillerson received a 15 percent raise to a $40.3 million salary.

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6 Responses to Exxon Earns $9.5 Billion Q1 Profit One Month After Arkansas Oil Spill That It Pays No Taxes To Help Clean Up

  1. Leif says:

    Not much incentive to prevent leaks, spills and carnage when you get paid by the public to clean up your own mess. Is there any estimate what this mess will cost “We the People?” How much profit was made by EXXON in their presumably cost plus endeavor? With zero oversight I would add.

  2. Zimzone says:

    Exxon’s CEO makes $19,231.00 / hour, or $153,848.00 per day.
    If this sounds outrageous, think about what Exxon is actually doing to our planet.
    Someday, fossil fuel executives will join our other fossils underground, but as of today, they own the ground we walk on.

  3. Mulga Mumblebrain says:

    The system is evil because it is of, by and for evil human beings. The global catastrophe is rooted in the total triumph of Evil, with a capital E, and we must recognise this moral dimension if we are to succeed. These are not creatures who will (with a very few exceptions, purely by chance)one day grow a moral conscience and realise that they are, in fact, destroying their own species, societies and families.

  4. FeslenR says:

    And there is in a nutshell: all they care about is the money, boys and girls.

  5. JOHANNES C STEENKAMP says:

    make them pay

  6. j says:

    They should have to clean it up themselves and probably will get sued. Why would they pay taxes on an oil spill? Why would handing money over to the government fix this?