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Profile: Chevron

Chevron was a participant or observer in the following events:

The International Tax & Investment Centre (ITIC), a corporate lobby group that advocates for pro-business investment and tax reform, has a series of board of directors’ and sponsors’ meetings on the theme “Strategic Questions For Our Future.” A paper summarizing the views expressed during those meetings says that the ITIC’s work in Iraq “should be continued and considered as a ‘beachhead’ for possible further expansion in the Middle East.” Included in the group’s board of directors are representatives from Shell, BP, ConocoPhillips, ExxonMobil, and ChevronTexaco. [International Tax & Investment Centre, n.d. pdf file; Muttitt, 2005]

Entity Tags: International Tax and Investment Centre, Royal Dutch/Shell, Chevron, British Petroleum, ConocoPhillips, ExxonMobil

Timeline Tags: Iraq under US Occupation

A White House document shows that oil company executives lied in recent Senate hearings when they denied meeting with Vice President Cheney’s energy task force (the National Energy Policy Development Group—see May 16, 2001) in 2001. The document, obtained by the Washington Post, shows that officials from ExxonMobil, Conoco (before it merged with Phillips), Shell Oil, and British Petroleum met with the task force (see March 22, 2001). Last week, the CEOs of ExxonMobil, Chevron, and ConocoPhillips denied participating in the task force’s deliberations. Shell Oil’s CEO said his company did not participate “to my knowledge,” and the chief of BP America said he did not know. Though Chevron is not named in the White House document, that firm and others “gave detailed energy policy recommendations” to the task force, according to the Government Accountability Office. Cheney also met separately with John Browne, BP’s chief executive, in a meeting not included in the document. Environmentalists have long stated that they were almost entirely shut out of the deliberations, while corporate interests were heavily represented (see April 4, 2001). The Supreme Court ruled in 2004 that the government could keep the records of the task force secret (see June 24, 2004). Senator Frank Lautenberg (D-NJ) says, “The White House went to great lengths to keep these meetings secret, and now oil executives may be lying to Congress about their role in the Cheney task force.” Since the oil executives were not under oath—a decision by Senate Commerce Committee chairman Ted Stevens (R-AK) protested by committee Democrats—they cannot be charged with perjury. However, they can be fined or imprisoned for up to five years for making “any materially false, fictitious or fraudulent statement or representation” to Congress. After the Washington Post releases the document, former Conoco manager Alan Huffman confirms, “We met [with the task force] in the Executive Office Building, if I remember correctly.” A ConocoPhillips spokesman says that CEO James Mulva had been unaware of the meetings when he testified at the hearing. ExxonMobil says it stands by CEO Lee Raymond’s denials; James Rouse, an Exxon official named in the document (see Mid-February, 2001), denies meeting with the task force, calling the document “inaccurate.” [Washington Post, 11/16/2005]

Entity Tags: Frank R. Lautenberg, Ted Stevens, Chevron, British Petroleum, Alan Huffman, ExxonMobil, Royal Dutch/Shell, US Supreme Court, National Energy Policy Development Group, Government Accountability Office, James Mulva, ConocoPhillips, John Browne, Lee Raymond, Richard (“Dick”) Cheney, James Rouse

Timeline Tags: US Environmental Record

A list of 10 companies that have avoided paying US income taxes is provided by Senator Bernie Sanders (I-VT), who is pushing for legislation that will close the legal tax loopholes that allow large corporations to avoid the bulk of their tax responsibilities. Chicago Sun-Times reporter Lynn Sweet writes, “Some people call the income tax system with generous loopholes for big companies corporate welfare or corporate entitlements.” Sanders’s list, based on returns and Securities and Exchange Commission (SEC) documents filed in 2009 and earlier, includes:
bullet ExxonMobil. The oil giant made $19 billion in profits in 2009, but paid no federal income taxes, and received a $156 million tax rebate.
bullet Bank of America (BoA). The financial corporation made $4.4 billion in profits in 2009, and received nearly $1 trillion in Federal Reserve and Treasury Department “bailout” funds. The bank received a $1.9 billion tax refund.
bullet General Electric. This multinational conglomerate made $26 billion in profits in the US, and over the last five years has received $4.1 billion in tax refunds.
bullet Chevron. The oil giant made $10 billion in profits in 2009, and received a $19 million refund from the IRS.
bullet Boeing. The defense contractor received a $30 billion contract from the US Department of Defense in 2009 to build 179 airborne tankers, and received a $124 million tax refund.
bullet Valero Energy. This energy corporation, the 25th largest company in the US, garnered $68 billion in sales in 2009, and received $157 million in tax refunds. Over the last three years, Valero has received a $134 million tax break from the oil and gas manufacturing tax deduction.
bullet Goldman Sachs. The financial giant paid only 1.1 percent of its income in taxes in 2008, though it recorded $2.3 billion in profits. It also received nearly $800 billion from the Federal Reserve and the Treasury Department.
bullet Citigroup. The financial conglomerate made over $4 billion in profits in 2010, but paid no federal income taxes. It received a $2.5 trillion “bailout” from the Federal Reserve and Treasury.
bullet ConocoPhillips. The oil conglomerate garnered $16 billion in profits from 2007 through 2009, paid no taxes, and received $451 million in tax breaks through the oil and gas manufacturing deduction.
bullet Carnival Cruise Lines. This entertainment giant made over $11 billion in profits between 2006 and 2011, but paid only 1.1 percent of its income in taxes during that period.
In a press release calling for “shared sacrifice,” Sanders writes: “While hard working Americans fill out their income tax returns this tax season, General Electric and other giant profitable corporations are avoiding US taxes altogether.… [T]he wealthiest Americans and most profitable corporations must do their share to help bring down our record-breaking deficit.” Sanders writes that “it is grossly unfair for Congressional Republicans to propose major cuts to Head Start, Pell Grants, the Social Security Administration, nutrition grants for pregnant low-income women, and the Environmental Protection Agency while ignoring the reality that some of the most profitable corporations pay nothing or almost nothing in federal income taxes.” Sanders calls for closing corporate tax loopholes and eliminating the deductions for oil and gas companies. He is also introducing legislation that would impose a 5.4 percent surtax on millionaires that would garner as much as $50 billion a year in tax revenues. Sanders says: “We have a deficit problem. It has to be addressed, but it cannot be addressed on the backs of the sick, the elderly, the poor, young people, the most vulnerable in this country. The wealthiest people and the largest corporations in this country have got to contribute. We’ve got to talk about shared sacrifice.” [Chicago Sun-Times, 3/27/2011]

Entity Tags: Boeing Company, Carnival Cruise Lines, Citigroup, Bernie Sanders, Bank of America, ConocoPhillips, Goldman Sachs, Chevron, Lynn Sweet, Valero Energy Corporation, General Electric, ExxonMobil

Timeline Tags: Global Economic Crises

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