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Top Five Oil Companies Announce $32 Billion in Q3 Profits, Will Senator Brown Buck his Big Oil Benefactors and End Their Special Tax Breaks?

FOR IMMEDIATE RELEASE
Contact: Kate Geller, (202) 785-8683 or kate_geller@lcv.org

28 Oct 2011  

This week the top five oil companies announced their third quarter profits, adding tens of billions to the companies’ multi-billion dollar profit margins. Senator Scott Brown not only has received thousands of dollars in campaign contributions from these companies, but has voted to maintain the billions of dollars in taxpayer subsidies that the nation’s most profitable oil companies receive.

The top five oil companies announced profits totaling $32 billion for the third fiscal quarter, bringing their total profits for 2011 to an astounding $101 billion.

  • Chevron today announced its third quarter profits of $7.83 billion, bringing their total earnings for 2011 to over $21 billion. [Washington Post, 10/28/11]
  • Exxon Mobil had third quarter profits of $10.3 billion, bringing their 2011 total profits to over $31 billion.  [CNN, 10/27/11; ThinkProgress, 10/27/11]
  • Royal Dutch Shell had third quarter profits of $6.98 billion, bringing their 2011 total profits to over $21 billion.  [Wall Street Journal, 10/27/11; ThinkProgress, 10/27/11]
  • ConocoPhillips announced $2.62 billion in profits for the third quarter, making their total profits for 2011 $9 billion.  [AP, 10/26/11; ThinkProgress, 10/26/11]
  • BP had third quarter profits of $4.9 billion, bringing their 2011 total profits to $16 billion.  [AP, 10/25/11; ThinkProgress, 10/25/11]

Oil and gas companies have pumped over $150,000 into Scott Brown’s campaign coffers.  [Center for Responsive Politics]

  • Exxon Mobil has given the maximum contribution of $5000 to Scott Brown this year.  The company gave $2500 less than a week before he voted against a bill that would eliminate $53 billion in tax breaks for Big Oil.  [S940, Senate Vote 72, 5/17/11; Democratic House Natural Resources Committee; FEC]
  • ConocoPhillips gave Brown $1000 two weeks before he voted to protect their tax breaks.  [FEC; S940, Senate Vote 72, 5/17/11]
  • Chevron gave Brown $5000 two weeks before he voted to protect their tax breaks.  [FEC; S940, Senate Vote 72, 5/17/11]

Repealing these special tax breaks continues to be under consideration, potentially as part of the supercommittee’s efforts to address the deficit.  LCV is currently running a TV ad in the Boston media market that urges Senator Brown’s constituents to contact the Senator to tell him to support efforts to repeal subsidies to Big Oil.



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