Chevron Earns $19 Billion Profit So Far this Year, Spending Millions to Elect House GOP
Chevron, the second largest oil company in the United States and eighth largest in the world, earned $5.3 billion in profits in the third-quarter of 2012. This brings their total profits for the first nine months of this year to $19 billion.
Last month, Chevron made the single-largest corporate donation since Citizens United. The company dropped $2.5 million with the Congressional Leadership Fund, a super PAC for House Republicans, after congressional GOP voted at least twice to protect Chevron’s $700 million tax breaks.
Below is a glimpse at what Chevron is spending its billions in profits:
- Chevron paid a 19 percent effective federal tax rate in 2011, after making $26.9 billion profit.
- Since 2011, Chevron has spent $16.6 million lobbying Congress to block pollution controls and safeguards for public health.
- Chevron spent $3.7 million on campaign contributions this election, with 85 percent of contributions going to Republicans. Chevron gave more than any of the other Big Five Companies.
- Meanwhile, Chevron’s production has decreased by over 6 percent since this time last year, from 1.7 billion barrels of net liquids (oil + natural gas liquids) to a current rate of 1.68 billion barrels per day.
- Chevron is sitting on cash reserves totaling $21.3 billion, up from $15.8 billion in January.
- Chevron spent 24 percent of its Q3 profits buying back stocks ($1.25 billion), which enriches the largest shareholders.
- Chevron paid a 19 percent effective federal tax rate in 2011, well below the statutory corporate rate of 35 percent.
- Chevron CEO John Watson received over $17 million in compensation last year.
The Big Five companies are on track to make over $100 billion in profits this year, while they collect $2.4 billion in annual tax breaks. Meanwhile, they are producing 5 percent less oil than the third quarter last year. The Big Five has spent more than $100 million lobbying Congress since 2011, and millions on campaign contributions.
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