ConocoPhillips Among Highest Tax Paying Companies in 2012
Exxon Mobil (NYSE: XOM) topped a list of companies that paid the most in taxes in 2012, followed by Chevron (NYSE: CVX), according to a listing by 24/7 Wall St.
The Irving-based oil company paid $31 billion in taxes on annual revenue of $428.3 billion last year, the report said.
Other companies among the top 10 taxpayers were IBM, JP Morgan, and ConocoPhillips.
“To identify the companies that pay the most taxes, we reviewed corporate tax payments for the top 150 companies by revenue. Included in our analysis were company financials, including income, employee count and earnings before taxes,” 24/7 Wall St explained.
Here’s a snapshot of some of the highest tax-paying companies in 2012, along with their rankings and excerpts from 24/7 Wall St:
#1. Exxon Mobil (NYSE: XOM), Irving, Texas
• Income tax expense: $31.05 billion
• Earnings before taxes: $78.73 billion
• Revenue: $428.38 billion
“A simple reason for Exxon’s position at the top of the taxpaying list is its size. It vies with Walmart each year for the spot as the publicly traded U.S. company with the greatest revenue. Exxon’s revenue has averaged more than $400 billion a year from 2007 to 2012.”
#6 ConocoPhillips (NYSE: PSX), Houston
• Income tax expense: $7.94 billion
• Earnings before taxes: $15.42 billion
• Revenue: $60.35 billion
“By sales, ConocoPhillips was the fourth largest public corporation in the U.S. until it recently broke itself into two pieces. ConocoPhillips also has significant assets in the Far East and runs the deepwater drilling operations in China’s largest offshore oil field.”
#7. JP Morgan (NYSE: JPM), New York
• Income tax expense: $7.63 billion
• Earnings before taxes: $28.92 billion
• Revenue: $91.66 billion
“Almost all the recent news about JP Morgan Chase & Co. (NYSE: JPM) has been negative. What was once considered the best-run bank in the United States has gone through a series of missteps, the most visible of which was a $6 billion trading loss in its London offices.”
#9. IBM (NYSE: IBM), Armonk, N.Y.
• Income tax expense: $5.30 billion
• Earnings before taxes: $21.90 billion
• Revenue: $104.51 billion
“While IBM’s hardware operations are best known for its long line of mainframes, its software operations and IT services division are just as large. IBM is also geographically diversified, and very large parts of its annual sales come from Europe and Asia.”
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