News about ExxonMobil

ABC and NBC evening newscasts reported ExxonMobil's record $8.4 billion first-quarter 2006 profit, but the article says they omitted how much the government collected in taxes. ABC highlighted that 15% of profits went to dividends and 40% to share buybacks, while ExxonMobil paid about $7 billion in federal income tax, equal to 83% of its profit. NBC said Exxon earned 9.5 cents per dollar of gasoline and oil sold, while the article notes an 18.4 cents per gallon federal gas tax and total taxes averaging 46 cents per gallon, versus the 28 cents Exxon earned on a $3 gallon. The article argues the coverage exaggerated the profits and ignored the tax burden.