Exxon Posts Record $32.36 Billion Tax Payment -- MrSwing

You Are Here: Home > Articles > Commentary > Exxon Posts Record $32.36 Billion Tax Payment

Exxon Posts Record $32.36 Billion Tax Payment
Jul 31, 2008

Dr. Mark J. Perry

CARPE DIEM
More articles

Font Size:

Although the way CNN reported it is "Exxon posts record $11.68 billion profit."

According to CNN, Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.
That profit works out to $1,485.55 a second.

Buried in the story we also find that "In addition to making hefty profits, Exxon also had a hefty tax bill. Worldwide, the company paid $10.5 billion in income taxes in the second quarter, $9.5 billion in sales taxes, and over $12 billion in what it called 'other taxes.'"

MP: In other words, Exxon Mobil paid $32.361 billion in taxes in the second quarter, which works out to $4,114 in taxes per second. Another way to look at it - Exxon paid almost $3 in taxes ($32.361 billion) for every $1 in profits ($11.68 billion), see chart above.