U.S. Oil Companies Paid, Collected More in Taxes Than They Made in Profits in 2006

Includes: BP, CVX, RDS.A, XOM
by: Mark J. Perry

According to the EIA, the major energy producing companies (listed here) like BP, Exxon (NYSE:XOM), Shell (NYSE:RDS.A), Chevron (NYSE:CVX), etc. earned $131.5 billion in profits in 2006 (most recent year available, data here), see chart above.

Those same companies paid or collected: a) $90.445 billion in income taxes in 2006 to various governments in Europe and the Middle East, the U.S., Canada, Russia, etc., b) $8.25 billion in non-income taxes to the U.S. government (production taxes, sales taxes, property taxes, payroll taxes, etc. (data here), and c) $48 billion in U.S. excise taxes (data here), for a total of $146.8 billion.

Bottom Line: American oil companies paid and collected more taxes ($146.8 billion) in 2006 than they made in profits ($131.5 billion).