In 2009, Exxon Mobil made $19.3 billion, which was 57 percent less than its record profit in 2008, the Washington Post reports. President Barack Obama’s newly released fiscal 2011 budget would take back any tax breaks for oil and gas companies worth $36.5 billion over a decade’s time.
“This is an industry that does more than its fair share,” said Kenneth Cohen, Exxon Mobil vice president for public and government affairs. Cohen pointed out that more than 9 million Americans work in the oil and gas industry, which accounts for 7.5 percent of U.S. gross domestic product.
Exxon Mobil’s fourth quarter profit clocked in at $6.1 billion, falling 23 percent from last year’s fourth quarter because of a $287 million loss on its U.S. refining and marketing activities in October, November and December 2009. However, the fourth quarter was the best one last year for the company because of higher crude oil prices and growth in its international national gas production.
The company has begun to pay more attention to “unconventional” gas and oil supplies. Late last year, Exxon announced its intention to purchase XTO Energy for $41 billion.
