The Center for American Progress (CAP) posted an article today that takes a good look at the top five oil and gas companies’ financial shape. Here are a few highlights from what they discovered:
- BP and Shell, the two largest foreign oil companies that operate in the United States, had combined cash reserves of nearly $32 billion at the end of last year (the latest data available). Added together, these five companies are sitting on cash resources of $59 billion, which is 30 times more than the estimated $2 billion in annual tax breaks that these companies receive.
- [Big Oil] companies made more than $900 billion in profit from 2001 to 2010.
- ExxonMobil had a lower effective tax rate than the typical middle-class family.
Click for even more information and a truckload of supporting data.