Feb 12, 2012

ExxonMobil's record profits, 2011

via ThinkProgress.org -- 
"ExxonMobil had the largest profits of the Big Five oil companies in 2011, raking in $41.1 billion for the year. This 35 percent jump from last year is driven in large part by record-high oil prices... Here are a few other facts about ExxonMobil:
  • Exxon’s $41.1 billion in 2011 profit translates into nearly $5 million in profit every hour. 
  • Stock buybacks for (2011) were $ 21.60 billion, equivalent to 53 percent of total 2011 profit. 
  • The company paid no taxes to the U.S. federal government in 2009, despite 45.2 billion record profits. It paid $15 billion in taxes, but none in federal income tax. The oil giant uses offshore subsidiaries in the Caribbean to avoid paying taxes in the United States. 
  • Exxon is drawing out a legal battle for damages on a spill from 22 years ago. Exxon hasn’t paid $92 million in cleanup for the devastating Valdez Alaskan oil spill. In its Sept. 30 court filing, Exxon argued the damages it agreed to pay only covers “restoration” and not additional “clean-up.” 
  • Together with Chevron, Shell, and BP — ExxonMobil reduced their U.S. workforce by 11,200 employees between 2005 and 2010."
See ThinkProgress's full blog here.

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