Exxon Mobil, Chevron, ConocoPhillips Slapped With Shareholder Resolutions Over Secretive Tax Practices

• Oxfam filed shareholder resolutions in opposition to oil giants Exxon Mobil Corp (NYSE: XOM), Chevron Company (NYSE: CVX), and ConocoPhillips (NYSE: COP), alleging a scarcity of transparency over their world tax practices.

• “Exxon, Chevron, and ConocoPhillips’s threadbare tax disclosures depart buyers, watchdog teams, and most of the people in the dead of night concerning the corporations’ secretive tax practices,” Daniel Mulé, coverage lead on extractive industries and tax at Oxfam America, CNBC reported.

• Oil majors have been repeatedly criticized for his or her world tax operations. In latest quarters, oil corporations have confronted rising requires a windfall tax after raking in record-breaking earnings on account of larger vitality costs following Russia’s invasion of Ukraine.

• Final month, U.S. President Joe Biden threatened to pursue larger taxes on oil firm earnings if trade giants don’t work to chop fuel costs, accusing vitality giants of “warfare profiteering.”

• Exxon Mobil, Chevron, and ConocoPhillips reported over $35 billion in third-quarter earnings.

• Oxfam mentioned the tax practices of Exxon Mobil, Chevron, and ConocoPhillips create a threat for buyers.

• To rectify this, Oxfam known as on the businesses to publish experiences detailing their tax practices consistent with the tax requirements.

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