ExxonMobil’s U.S. tax expenses outweigh U.S. net income

For every dollar of net earnings in the U.S. between 2008 and 2017, ExxonMobil incurred more than $1.22 in taxes to federal, state and local governments.

Article Feb. 8, 2018

ExxonMobil’s U.S. tax expenses outweigh U.S. net income

During the period 2008 – 2017, ExxonMobil's total U.S. tax expense exceeded U.S. operating earnings by over $15 billion.

On a dollar-for-dollar basis, the oil and natural gas sector's profits are generally in line with the average of all U.S. industry. From 2012 – 2016 the average profit margin of the U.S. petroleum industry was 1.5 percent and the effective tax rate was 33.6 percent. The average profit margin for U.S. industrials during the same period was 7.2 percent and the effective tax rate was 28.2 percent.

exxonmobil us income and taxes graphic
 
Average profitability chart
 
Average Tax Rate 2017 chart
 

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