Repugs' favorite subsidy targets: $101B profits for 2011

[boutons_deux]

Chevron Announces $7.8 Billion in Q3 Profits, 2011 Profits for Big-Five Oil Companies Hit a Staggering $101 Billion

Chevron has spent nearly $7 million on lobbying this year, the fourth highest of oil and gas industries.

Chevron has contributed over $315,000 to federal campaigns n 2011, with 90% going to Republicans.

Chevron is sitting on $13 billion in cash on hand. Added together, the Big Five oil companies — BP, Exxon, Chevron, ConocoPhillips and Shell — are sitting on cash resources of $59 billion and made nearly $1 trillion in profits over the past decade.

Chevron currently ranks third in the Fortune 500 list of company profits, yet continues to receive billions of dollars in tax breaks paid for by American taxpayers.

Chevron’s Chairman and CEO John Watson received nearly $16.3 million in total compensation in 2010, an 85% increase from 2009.


http://thinkprogress.org/romm/2011/10/28/355891/chevron-profits-oil-companies/

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Ecuadorians just LOVE Chevron/Texaco, and love eating the environmental externalities Chevron shit all over Ecuador.

[Cry Havoc]

Why don't we just give big oil the entire GNP and let it all trickle down?

[101A]

Chevron Announces $7.8 Billion in Q3 Profits, 2011 Profits for Big-Five Oil Companies Hit a Staggering $101 Billion

Chevron has spent nearly $7 million on lobbying this year, the fourth highest of oil and gas industries.

Chevron has contributed over $315,000 to federal campaigns n 2011, with 90% going to Republicans.

Chevron is sitting on $13 billion in cash on hand. Added together, the Big Five oil companies — BP, Exxon, Chevron, ConocoPhillips and Shell — are sitting on cash resources of $59 billion and made nearly $1 trillion in profits over the past decade.

Chevron currently ranks third in the Fortune 500 list of company profits, yet continues to receive billions of dollars in tax breaks paid for by American taxpayers.

Chevron’s Chairman and CEO John Watson received nearly $16.3 million in total compensation in 2010, an 85% increase from 2009.


http://thinkprogress.org/romm/2011/10/28/355891/chevron-profits-oil-companies/

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Ecuadorians just LOVE Chevron/Texaco, and love eating the environmental externalities Chevron shit all over Ecuador.

If only we could get those oil men out of the White House!

Wait.

[101A]

7.8 Billion in profits, and only 300K in donations?

Seriously, you think this is a lot? That's less than 1K per Republican Congressman. That doesn't pay for a weekend's hookers and scotch!

[boutons_deux]

politicians are super cheap

[boutons_deux]

how much did Chevron give to API, PACs, CoC?

[Wild Cobra]

I'll bet they paid quite a bit in federal taxes too. Reduce their profits and that means reducing tax revenue. I wonder if their income sheet is readily available yet.

[Wild Cobra]

Sure, they made $7.9 billion in profit, but they also paid $5.5 billion in taxes.

Their quarter ending 9/30/11 had a total revenue of $64,342 million. Their cost to achieve this revenue was $51,092 million, $37,600 of which was purchasing oil and products. Income before taxes was $13,340 million. Of that, they paid $5,483 million (41.1%) in taxes for a net income of $7,857 million. At 41.1% in taxes, looks like they are pulling their weight.

Chevron's quarter ending Sep 30 2011 (http://www.chevron.com/articledocuments/latest/news_204545/440dc597-0afc-4a9e-a033-74f1ba77eaae/earnings_28October2011.pdf.cvxn)

As for this lobbying costs. Lobbying is not only money spent on politicians. It includes any finances used to sway opinion, including commercials and money spent to other corporations.

Anyone have a breakdown of how much money was spent lobbying politicians? If not, that number is suspect.

As for 90% going to republicans... That's just natural. Why would you spend money contributing to someone's campaign who wants to do harm to you? If they were spending equal amounts on democrats, that would indicate to me they were buying influence.

[boutons_deux]

why pay 41.1% taxes when max corp rate is 35%?

[greyforest]

As for 90% going to republicans... That's just natural. Why would you spend money contributing to someone's campaign who wants to do harm to you? If they were spending equal amounts on democrats, that would indicate to me they were buying influence.

http://www.politico.com/news/stories/0510/36783.html
http://www.thefourthbranch.com/tag/obama-oil-company-contributions/

companies lobby whichever political candidate is more likely to win

[Wild Cobra]

why pay 41.1% taxes when max corp rate is 35%?
Did you forget state taxes?

[Wild Cobra]

http://www.politico.com/news/stories/0510/36783.html
http://www.thefourthbranch.com/tag/obama-oil-company-contributions/

companies lobby whichever political candidate is more likely to win
They also lobby those who they think they can buy and don't need lobby those already in their camp. Political contributions are different and go to those who have a chance of winning and will be favorable to them relative to the opposing candidate.

[mingus]

7.8 Billion in profits, and only 300K in donations?

Seriously, you think this is a lot? That's less than 1K per Republican Congressman. That doesn't pay for a weekend's hookers and scotch!

lol