"ConocoPhillips Earns $2.1 Billion In First Quarter While Producing Less Oil"
ConocoPhillips announced its 2013 first-quarter profits this morning, reporting earnings of $2.1 billion — a 28 percent drop from the first three months of 2012.
In 2012, ConocoPhillips earned $8.4 billion in profits, while the company’s new CEO, Ryan Lance, received a staggering $19.3 million in compensation. To put this huge figure in perspective, a worker earning minimum wage would need to work for 1,279 years to make as much money.
ConocoPhillips received an estimated $600 million in special tax breaks in 2011. Lobbying efforts by the oil and gas industry have secured these tax benefits over and over again. In the last year alone, ConocoPhillips spent $3.9 million on lobbying expenditures.
Here are some additional facts about ConocoPhillips:
- Conoco is sitting on $5.4 billion in cash reserves.
- Despite earning $2.1 billion this quarter, the company’s oil production has decreased. Conoco produced 2 percent less oil than this time last year.
- Last year, the company spent 61 percent of its 2012 profit — or $5.1 billion — buying back its own stock, enriching its largest shareholders and executives.
- Since 2011, ConocoPhillips has spent over $20 million lobbying Congress, making it a top spender in the oil and gas industry.
- Conoco paid an 18 percent effective federal tax rate in 2011. This is nearly half of the 35 percent standard top corporate tax rate.
Exxon Mobil also announced it first quarter profits today. Chevron will be the next of the Big Five companies to announce their quarterly earnings on Friday, April 26.