Exxon Mobil Corp. (XOM) CEO Warns Against Ending Tax Breaks
Proposals by congressional Democrats to eliminate oil industry tax breaks and subsidies would set a bad example overseas and discourage new industry investments, Exxon Mobil's top executive said Thursday.
Rex W. Tillerson said moves suggested by leaders of the incoming Democratic congressional majority would encourage similar steps by governments abroad, where Exxon Mobil Corp. generates the bulk of its profit.
"I think the bigger concern I have is not so much the economic direct effect of the fact that they want to take a tax break off here or there. But it's the message it sends the rest of the world that you don't have to provide stable (regulatory) frameworks," Tillerson told reporters after a speech to the Boston College Chief Executives' Club.
"And if that happens, none of us are going to be able to take the risk in this business."
Irving, Texas-based Exxon Mobil, the world's largest publicly traded oil company, earns about two-thirds of its profit from oil and natural-gas production outside the United States, and production is rising in Africa, the Middle East and Russia.
Of course he is opposed to ending these breaks. He runs the most profitable company in the world.
Rex W. Tillerson said moves suggested by leaders of the incoming Democratic congressional majority would encourage similar steps by governments abroad, where Exxon Mobil Corp. generates the bulk of its profit.
"I think the bigger concern I have is not so much the economic direct effect of the fact that they want to take a tax break off here or there. But it's the message it sends the rest of the world that you don't have to provide stable (regulatory) frameworks," Tillerson told reporters after a speech to the Boston College Chief Executives' Club.
"And if that happens, none of us are going to be able to take the risk in this business."
Irving, Texas-based Exxon Mobil, the world's largest publicly traded oil company, earns about two-thirds of its profit from oil and natural-gas production outside the United States, and production is rising in Africa, the Middle East and Russia.
Of course he is opposed to ending these breaks. He runs the most profitable company in the world.
Labels: democrats, Exxon Mobil Corp., XOM
posted by Stock Administrator @ 8:24 PM
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