Exxon Rakes In $10 Billion Profits On $125 Billion In Revenue

Today, oil giant ExxonMobil announced their 2011 third-quarter earnings, reporting a whopping $10.3 billion in profits, an increase of 41 percent from the same period last year, on $125 billion in revenues. Overall, Exxon has made over $31 billion in profits in the first nine months of the year on high oil prices that are crippling the nation’s economic recovery.

— Exxon is the top oil and gas contributor in 2011, giving over $569,714 in campaign contributions already this year, with 91 percent of the contributions going to Republicans.

— Exxon has spent nearly $7 million on lobbying Congress this year.

— Exxon pays a lower effective tax rate than the average American. In the years spanning 2008 to 2010, Exxon paid an effective rate of 17.6 percent, nearly 16 percent below the average individual federal tax rate.

— In the first half of 2011, ExxonMobil spent $11.2 billion — more than half of its profits — to buy back stock and increase shareholder wealth.

— ExxonMobil is sitting on $8 billion in cash on hand. Added together, the Big Five oil companies — BP, Exxon, Chevron, ConocoPhillips and Shell — are sitting on cash resources of $59 billion and made nearly $1 trillion in profits over the past decade.

— Despite ranking in the top of the Fortune 500 list of company profits, ExxonMobil, along with other oil companies, continues to receive billions of dollars in tax breaks paid for by taxpayers.

— ExxonMobil CEO Rex Tillerson ranked in as one of the highest paid CEOs in 2010, taking over $21 million in direct compensation.

Noreen Nielsen

Comments are closed.