Exxon Mobil, Chevron, ConocoPhillips Slapped With Shareholder Resolutions Over Secretive Tax Practices

  • Oxfam filed shareholder resolutions against oil giants Exxon Mobil Corp (NYSE: XOM), Chevron Corporation (NYSE: CVX), and ConocoPhillips (NYSE: COP), alleging a lack of transparency over their global tax practices.

  • “Exxon, Chevron, and ConocoPhillips’s threadbare tax disclosures leave investors, watchdog groups, and the general public in the dark about the companies’ secretive tax practices,” Daniel Mulé, policy lead on extractive industries and tax at Oxfam America, CNBC reported.

  • Oil majors have been repeatedly criticized for their global tax operations. In recent quarters, oil companies have faced growing calls for a windfall tax after raking in record-breaking profits due to higher energy prices following Russia’s invasion of Ukraine.

  • Last month, U.S. President Joe Biden threatened to pursue higher taxes on oil company profits if industry giants do not work to cut gas prices, accusing energy giants of “war profiteering.”

  • Exxon Mobil, Chevron, and ConocoPhillips reported over $35 billion in third-quarter profits.

  • Oxfam said the tax practices of Exxon Mobil, Chevron, and ConocoPhillips create a risk for investors.

  • To rectify this, Oxfam called on the companies to publish reports detailing their tax practices in line with the tax standards.

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