Industry taxes

ExxonMobil's U.S. tax burden is already very large, and proposals to increase industry taxes even further would undermine the industry's ability to invest in the United States and contribute to job creation, economic recovery and increased energy security. 

• Including all forms of taxation, from 2005 through 2009 our U.S. taxes ($63 billion) exceeded our U.S. earnings ($44 billion) by $19 billion.

• In 2009, ExxonMobil's worldwide tax expenses amounted to $81 billion, more than four times our earnings.  About 25 percent of our revenue went to taxes around the world.  Our earnings after taxes amounted to 6.2 percent of our revenues. 
• ExxonMobil's worldwide effective income tax rate for 2009 was 47 percent. 
• In a commodities business earnings rise and fall in cycles.  Over 80 percent of ExxonMobil's earnings in 2009 came from outside the U.S.   
• The administration's 2011 budget proposal seeks about $80 billion in new taxes on the oil industry.  Increasing industry taxes would disadvantage American companies competing in the global marketplace for energy.  New taxes on American energy companies would discourage the critical investments needed to safeguard our energy security in coming decades.
• Industry projects span decades, require massive investments, and utilize cutting-edge technologies that evolve throughout project lifecycles.  Under these circumstances, long-term planning — which relies on stable legal, fiscal and regulatory frameworks — is critical.