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Chevron's Quarterly Profit Is Up To $6.5 Billion, Production Is Down, Tax Rate Is Still Lower Than
Chevron's Quarterly Profit Is Up To $6.5 Billion, Production Is Down, Tax Rate Is Still Lower Than Yourshttp://thinkprogress.org/climate/2012/04/27/472605/chevrons-quarterly-profit-is-up-to-65-billion-production-is-down-tax-rate-is-still-lower-than-yours/?tw_p=twt
Chevron posted a modest 4.2 percent increase in first-quarter profits compared to 2011, increasing net gains from $6.2 billion to $6.5 billion. That still translates to more than $71 million per day in the first three months of 2012.
Despite a drop in production, a 12 percent increase in average oil prices boosted Chevron’s profits this quarter.
Meanwhile, Chevron has faced recent protests in California, home to Chevron CEO John Watson, for environmental damage and tax dodging.
(snip)
Chevron paid a 19 percent effective federal tax rate in 2011, after making $26.9 billion profit.
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