ConocoPhillips By The Numbers: $5.2 Billion in 2012 Profits, $21 Million Lobbying Congress In Past 18 Months

By Noreen Nielsen and Jackie Weidman

ConocoPhillips is the first of the five Big Oil companies to announce their 2012 second-quarter profits. They reported $2.3 billion earned, bringing their total profits in the first half of 2012 to $5.2 billion. Meanwhile, ConocoPhillip’s production has decreased by 6 percent compared to this time last year, from 1.64 billion barrels of oil and oil equivalent per day to a current rate of 1.54 billion barrels per day.

ConocoPhillips is ranked as the ninth-largest company in the world in the Global Fortune 500. It is using its billions of dollars to influence lawmakers to continue to protect $2.4 billion in unnecessary tax breaks for the five largest oil and gas companies, with the vast amount going to Republican allies.

Here is a glimpse what else ConocoPhillips is funding:

  • ConocoPhillips has already spent $1 million lobbying Congress this year. In 2011, ConocoPhillips spent over $20 million on lobbying Congress, making it the top spender of the oil and gas industry.
  • Conoco has contributed nearly $400,000 to federal campaigns this year, with 90 percent of the contributions going to Republicans.
  • Conoco is sitting on $1 billion in cash reserves.
  • The company spent 35 percent more than they earned this quarter — or $3.1 billion — buying back its own stock, which enriches the largest shareholders and executives.
  • Conoco paid an 18 percent effective federal tax rate in 2011. This is nearly half of the 35 percent standard top corporate tax rate.
  • ConocoPhillips’ outgoing CEO James Mulva received over $15 million in yearly compensation, earning nearly $80 million over five years.

On Thursday, Exxon Mobil and Royal Dutch Shell will announce their second-quarter profits.

Noreen Nielsen is CAPAF’s Energy Communications Director and Jackie Weidman is a special assistant for energy.