"ConocoPhillips Announces $2.6 Billion in Q3 Profits"
by Noreen Nielsen
This morning, ConocoPhillips announced their 2011 third-quarter earnings, reporting profits of $2.62 billion — a 14 percent drop due to production losses in China and Libya — bringing their total profits in 2011 to $9 billion. Below is a quick look at some other facts about ConocoPhillips:
- ConocoPhillips has spent over $10.5 million lobbying Congress in 2011, ranking in as the sixth largest spender this year – and number one in the oil and gas industry.
- ConocoPhillips has contributed $94,953 to federal campaigns in 2011, with 84 percent of the contributions going to Republicans.
- Conoco Phillips devoted $1.6 billion of its $3 billion 2011 first-quarter earnings to stock buybacks—more than 50 percent of its profit.
- In the second quarter 2011, ConocoPhilips spent over 90 percent of its $3.4 billion profit on stock buy backs — $3.1 billion.
- ConocoPhillips is sitting on $6 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 this, ConocoPhillips and its other Big Oil allies continue to aggressively lobby Congress to maintain their billions of dollars in oil industry tax breaks.
- ConocoPhillips’ Chairman and CEO James Mulva received a 25-percent hike in compensation last year, earning him a total compensation of $17.9 million.