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.
|EXXON MOBIL CORPORATION|
|SECOND QUARTER 2008|
|(millions of dollars, unless noted)|
|Second Quarter||First Half|
|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|
|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)
|Other Financial Data|
|Dividends on common stock|
|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|
|All other taxes||12,297||10,665||23,904||21,073|
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