"ExxonMobil spent $7.8 billion in the first quarter on capital equipment and exploration (73% of its earnings),...Over the next five years, the oil company plans to invest about $175 billion in capital equipment and exploration."
"Dwarfing Exxon's first quarter profits of $10.65 billion, are the total taxes paid or collected around the world by Exxon from January to March, which totaled to$26.2 billion..."
"Exxon Mobil paid $8 billion in income taxes in the first quarter on $18.9 billion of income, which translates into a 42.3% effective income tax rate on its income."
"The 6.1% average profit margin for Exxon's industry "Major Integrated Oil and Gas" ranks #112 among all industries for the most recent quarter..."
Evaluating the free market by comparing it to the alternatives (We don't need more regulations, We don't need more price controls, No Socialism in the courtroom, Hey, White House, leave us all alone)
Friday, April 29, 2011
Oil Companies: Low Profit Rates, High Taxes Paid
See QI: Exxon Paid Almost $1M per Hour in Income Taxes and Its Effective Tax Rate Was 42.3% at "Carpe Diem" by Mark Perry. Excerpts:
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