Once again ExxonMobil pays World Record $32 Billion in Taxes during Q2

exxon woman oil engineer

Exxon Mobil Corporation (NYSE:XOM) released yesterday that they paid an astonishing $32 Billion in taxes during the second quarter of 2008.   Apparently the federal and state governments have made out like bandits, cashing in on the rising price of crude oil.

These new taxes outstripped the oil giant’s tax bill in the first quarter of this year. Given current oil market conditions, analysts said, that puts Exxon Mobil on track to break the record $100 billion in taxes it paid last year.

Meanwhile, Presidential candidate Obama sought to show that he was responding to calls for action in the face of rising gasoline prices.  Campaign officials said later, however, that they didn’t know when or how the candidate would use his future authority to increase taxes further.  Various Congressional committees and individual lawmakers scrambled to offer no relief to the already heavily taxed company.

Newsmakers were quick to point out that the amount of taxes that ExxonMobil paid works out to $4,114 in taxes per second.  And, every American would have had to pay an extra $100 last quarter if ExxonMobil did not pay their fair share of taxes.

Due to the high level of taxation, capital and exploration project spending only increased to $7 billion in the second quarter.  Given the heavy tax burden, the company stock price slumped another 2.7%, causing losses in millions of 401K owners portfolios.   Over $10 Billion in value was wiped out of stock investor’s holdings after this announcement.  Individual investors are calling for tighter regulations on Big Government, demanding new WindFall Tax protection.

(millions of dollars, unless noted)
Second Quarter First Half
2008 2007 2008 2007
Earnings / Earnings Per Share
Total revenues and other income 138,072 98,350 254,926 185,573
Total costs and other deductions 115,866 80,422 212,528 151,581
Income before income taxes 22,206 17,928 42,398 33,992
Income taxes 10,526 7,668 19,828 14,452
Net income (U.S. GAAP) 11,680 10,260 22,570 19,540
Net income per common share (dollars) 2.25 1.85 4.30 3.49

Net income per common share – assuming dilution (dollars)

2.22 1.83 4.25 3.45
Other Financial Data
Dividends on common stock
Total 2,098 1,961 3,977 3,786
Per common share (dollars) 0.40 0.35 0.75 0.67
Millions of common shares outstanding
At June 30 5,194 5,546
Average – assuming dilution 5,261 5,620 5,311 5,665
Shareholders’ equity at June 30 124,826 116,350
Capital employed at June 30 136,749 126,520
Income taxes 10,526 7,668 19,828 14,452
Sales-based taxes 9,538 7,810 17,970 15,094
All other taxes 12,297 10,665 23,904 21,073
Total taxes 32,361 26,143 61,702 50,619

Leave a Reply

Your email address will not be published. Required fields are marked *