permafrost Loc: Minnesota

I should point out that the proposed spending by Exxon is not an increase but a match for the same time period of past years.

Only change is the gift of 6 billion dollars...

http://money.cnn.com/2018/02/02/investing/exxon-earnings-tax-law-oil/index.html

ExxonMobil scored a massive gain from the Republican tax overhaul.
The tax windfall helped Exxon's (XOM) net profits surge fivefold, the world's largest publicly traded oil company said on Friday.

Excluding the tax bonanza, Exxon's results left Wall Street wanting more. Adjusted earnings unexpectedly declined and revenue missed the mark by a wide margin. Exxon shares slumped about 5%.

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One problem: Exxon isn't pumping as much oil as it used to following years of budget cuts forced by the crash in crude prices. The company's overall production dropped 3% in 2017.

Exxon said the federal tax law enacted by President Trump in December gave the company a non-cash earnings gain of $5.9 billion. That's because the corporate tax rate has been lowered from 35% to 21%. Like other companies, the reduced rate allowed Exxon to write down the amount of money it owed Uncle Sam in the future, known as deferred income taxes.

Exxon was not hurt by the part of the tax law that forced companies to bring foreign profits back to the United States. The company said it generally paid taxes on these overseas profits at around 35% anyway, allowing it to avoid a repatriation tax hit.

Related: America does export energy. It imports a lot more

CEO Darren Woods said the tax overhaul "strengthens our commitment to further grow our business" in the United States.

Exxon promised this week to invest more than $50 billion in the U.S. over the next five years, a move that the company said will create "thousands of jobs" and boost the economy.

Specifically, Exxon said it plans to invest "billions of dollars to increase oil production in the Permian Basin" of West Texas and New Mexico, expand existing operations, enhance infrastructure and build new manufacturing sites.

Woods said the investment is "supported by the improved business climate created by tax reform."

However, Exxon did not indicate whether its $50 billion U.S. investment target represents an increase from its previous plan.

Consider that the five-year goal mirrors the roughly $50 billion Exxon spent in the United States between 2012 and 2016, according to filings.

That's because pumping oil and natural gas can be extremely expensive, forcing major companies to spend heavily just to keep their output steady.

Exxon had been expected to shift its resources back to America after the energy company was late to the U.S. shale oil boom because it focused on overseas projects instead.

Exxon said it wants to triple production in the fast-growing Permian Basin shale oil field.

guitarman Loc: University Park, Florida

Sounds like a great opportunity to make some money . Exxon stock symbol is XOM.

Super Dave Loc: Realville, USA

You are stuck on stupid.

Tax cuts aren't gifts, Einstein, because America isn't one of your C*******t Utopia.

Government doesn't own all businesses in America.

Big Kahuna

Who gives a s**t what Exxon made? When you see cheeper prices at the service stations you won't be complaining and if you do want to complain give your windfall to the SALVATION ARMY. On the other hand if Exxon loses money, which you seem to prefer, then Exxon would raise their gas prices and maybe you would be happy!! Go PRESIDENT TRUMP, MAGA!!!

permafrost Loc: Minnesota

My comments were about the ethics of the tax bill, not about Exxon profit or lose.

Give the windfall to Salvation Army.>>>> now that is a point we can agree on...

Larry the Legend Loc: Not hiding in Milton

If you're so sure this is such a huge 'giveaway', why aren't you loading up on their stock? Hello...! Corporate profits are distributed among the shareholders, duh!

permafrost Loc: Minnesota

quite some time ago, years, i took the advice of my adviser and put all into widow and Orphans stock. A little of bonds..

While it picks at my mind now and then.. It still seems good advice and now it will soon correct.. I will settle for the plan we have..

lwhat has me PO is not simply the gift to the rich and the muli national corps.

but I do not think it will accomplish much of anything for the middle class..

The economy has been growing near non stop for about 9 years now..

Our labor force is very small and jobs are not getting filled now, let alone the future if they are needed..

while the tax cut is driving stock up via buy backs and reinvestment, the possible interest rise is making business worry and those stock may very well need a correction.

Stock are now often over valued..

The government is on a plan to limit investment in what have been the fastest growing segment of the economy, renewable s.

While trying to encourage investment in a direction investors do not want to go.. f****l f**ls,,coal and oil..

Crayons Loc: St Jo, Texas

Happy to hear Exxon is expanding in the Permian Basin/marsland/midland odessa/brownfield;
Would really like to see a few seasoned deep well wildcatters start tapping into the Huge pools
Deep Down in the Pre Cambrian rock formations. Huge pools that have been known about
for 20 years now that haven't been tapped.

Super Dave Loc: Realville, USA

Ethics of the tax bill?

How much redistribution is necessary to meet your personal moral code? How much can a person/company morally make under your religion?

I'm guessing you're not morally outraged at your taxation, are you? I'm guessing you don't pay more taxes than you're required to pay... I'm right, aren't I?

permafrost Loc: Minnesota

My religion has nothing to do with this. Or any other part of my political opinion..

No one pays more then required, except my old sister who has withholding from he retirement, but never files taxes..

back to ethics... Mine, in this case are quite simply.. If part of the tax gifts on the very rich and corps were temporary in order to meet requirements of budget would be a start..

Why should the middle class have to struggle with temporary, short term cuts, which are small to begin with, while the huge cuts of the rich are permanent??

I also feel that no cut for corporations were needed. the economy has grown for 8 years before this event..

the rest of the world economy has now caught up to the American economy and is growing.

None of these areas needed more stimulation.. The hoards of case kept off shore by corps did not prevent investment in the US..

Those funds could still be used for collateral for any business investment anywhere the corp wished.. They simply held it until given thier gift of lower rates.

They all save billions for nothing in return to the US economy..

Larry the Legend Loc: Not hiding in Milton

I can't help you with any of that. If I were you, I'd be buying stocks that are getting bonuses from the tax cuts. Oh, wait, that's all of them!

emarine

Good point Dave... Big Business owns America...

emarine

Not all true Larry... Koch industry's is a private empire owned by two brothers... The Koch Ryan Trump tax plan now gives Koch 10 billion extra cash to continue to control American politics...

permafrost Loc: Minnesota

I think you should follow your own advise.. cash all your worldly goods and buy those stocks.. first thing Monday morning....

Blade_Runner Loc: DARK SIDE OF THE MOON

All American corporations scored big when the highest corporate tax rate in the world was reduced to 21%. Corporations contribute to economic growth, the Salvation Army does not.