Big Oil Lobbies Trump After Industry Receives Massive Windfall from GOP Tax Bill
FOR IMMEDIATE RELEASE:
Thursday, March 15, 2018
Washington, D.C. — Today, President Trump is scheduled to meet with the oil and gas lobbying group, the American Petroleum Institute at the White House. The group is currently staying at the president’s Trump International Hotel in Washington, DC, to lobby the Trump administration.
It is perfectly fitting that the president would bring the oil industry’s top lobbying group to his backyard after the GOP tax bill provided billions in tax cut windfalls tocompanies like Exxon Mobil and Chevron. According to Bloomberg, the four largest independent oil refiners (Phillips 66, Valero Energy Corp., Marathon Petroleum Corp. and Andeavor) posted one-time tax gains of $7 billion combined in the fourth quarter – matching their net incomes for all of 2016. In addition to their record profits, some major companies have authorized or spent $12.1 billion in stock buybacks in 2018.
“While big oil reaps billions in profits, working families patiently wait for the wage increases and jobs they were promised by Donald Trump and Congressional Republicans,” said Not One Penny spokesperson Tim Hogan.
Here is how big oil is faring under the TrumpTax:
ExxonMobil Reported A $5.9 Billion Tax Benefit In 2017. [CNN Money, 2/2/18]
Chevron Reported A $2 Billion Tax Benefit In 2017. [Houston Chronicle, 3/2/18]
ConocoPhillips Reported A $850 Million Tax Benefit In Quarter Four Of 2017. [Houston Chronicle, 3/2/18]
Phillips 66 Reported A $2.7 Billion Tax Benefit In 2017. [Houston Chronicle, 3/2/18]
Valero Reported A $1.9 Billion Tax Benefit In 2017. [Reuters, 2/1/18]
Marathon Petroleum Reported A $1.5 Billion Tax Benefit In 2017. [CNBC, 2/1/18]
Anadarko Reported A $1.2 Billion Tax Benefit In 2017. [Reuters, 2/7/18]
# # #