Below is a quick glimpse at what ConocoPhillips is using its billions of dollars in profits for:
– ConocoPhillips has already spent $1.9 million lobbying Congress this year. Since 2011, ConocoPhillips spent over $20 million on lobbying Congress, making it the top spender of the oil and gas industry.
– Conoco has contributed over $483,000 to federal campaigns this year, with 90 percent of the contributions going to Republicans.
– Conoco is sitting on $1.3 billion in cash reserves.
– The company spent 8 percent of its third quarter profit — or $149 million— buying back its own stock, which enriches the largest shareholders and executives.
– Conoco’s production is 1 percent lower than this time last year (1.525 million BOE per day vs. 1.538 million BOE per day in 2011)
– Conoco paid an 18 percent effective federal tax rate in 2011. This is nearly half of the 35 percent standard top corporate tax rate.
– ConocoPhillips’ former CEO James Mulva received $18.92 million in total compensation last year. Current CEO, Ryan Lance received over $5.9 million in compensation in 2011. He sits on the board of the American Petroleum Institute, the lobbying arm of the oil and gas industry.