Here is an article from the daily caller that discusses the profits made by oil and gas companies.
http://dailycaller.com/2011/04/25/the-truth-about-americas-oil-gas-companies-part-i/
From the article:
Their earnings, however, are in line with those of other major U.S. manufacturing industries, as measured against their sales. The latest available data for 2010 earnings shows the oil and natural gas industry earned 5.7 cents for every dollar of sales. This is below the earnings of all U.S. manufacturing, which earned an average of 8.5 cents for every dollar of sales. Many would not expect an industry as large as the U.S. oil and natural gas industry, which supports 9.2 million U.S. [COLOR=green !important][COLOR=green !important]jobs[/color][/color] and contributes to 7.5 percent of gross domestic product (GDP), to have lower earnings per dollar of sales than the average manufacturing industry, but that’s the reality.
Further, U.S. oil and natural gas companies pay considerably more in taxes than the average manufacturing company. According to data found in the Standard & Poor’s Compustat North American Database, the industry’s 2009 net income tax expenses — essentially their effective marginal income tax rate — averaged 41 percent, compared to 26 percent for the S&P Industrial companies. The Energy Information Administration (EIA) concludes that, as an additional part of their tax obligation, the major energy-producing companies paid or incurred over $280 billion of income tax expenses between 2006 and 2008.
Read more: http://dailycaller.com/2011/04/25/the-truth-about-americas-oil-gas-companies-part-i/#ixzz1KgPGZNsE
Read more: http://dailycaller.com/2011/04/25/the-truth-about-americas-oil-gas-companies-part-i/#ixzz1KgP3rqwD
http://dailycaller.com/2011/04/25/the-truth-about-americas-oil-gas-companies-part-i/
From the article:
Their earnings, however, are in line with those of other major U.S. manufacturing industries, as measured against their sales. The latest available data for 2010 earnings shows the oil and natural gas industry earned 5.7 cents for every dollar of sales. This is below the earnings of all U.S. manufacturing, which earned an average of 8.5 cents for every dollar of sales. Many would not expect an industry as large as the U.S. oil and natural gas industry, which supports 9.2 million U.S. [COLOR=green !important][COLOR=green !important]jobs[/color][/color] and contributes to 7.5 percent of gross domestic product (GDP), to have lower earnings per dollar of sales than the average manufacturing industry, but that’s the reality.
Further, U.S. oil and natural gas companies pay considerably more in taxes than the average manufacturing company. According to data found in the Standard & Poor’s Compustat North American Database, the industry’s 2009 net income tax expenses — essentially their effective marginal income tax rate — averaged 41 percent, compared to 26 percent for the S&P Industrial companies. The Energy Information Administration (EIA) concludes that, as an additional part of their tax obligation, the major energy-producing companies paid or incurred over $280 billion of income tax expenses between 2006 and 2008.
Read more: http://dailycaller.com/2011/04/25/the-truth-about-americas-oil-gas-companies-part-i/#ixzz1KgPGZNsE
Read more: http://dailycaller.com/2011/04/25/the-truth-about-americas-oil-gas-companies-part-i/#ixzz1KgP3rqwD