API co-hosted a blogger conference call with ExxonMobil yesterday to discuss the company's first quarter earnings and energy tax policies. Ken Cohen, ExxonMobil's vice president of public and government affairs, and Jaime Spellings, ExxonMobil's general tax counsel, broke down the company's profits and spoke to misperceptions about the current tax code.
"If we go back and look at the period 2005 to 2010 and look at the United States, our income before taxes was 67 billion (dollars)," Mr. Cohen explained. "And our income taxes for that same period - that includes federal and state income taxes - were $22 billion, for an effective tax rate of over 32 percent."
To provide further insight, Mr. Spellings detailed aspects of the tax code that affect the oil and natural gas industry, including th... more »