The three largest oil companies paid the most in taxes in absolute terms of all major corporations, according to data on S&P 500 companies compiled by The New York Times.
President Barack Obama has chastised oil companies for receiving billions of dollars in tax breaks. However, the Times reports that ExxonMobil paid $146 billion in taxes; Chevron paid $85 billion; and ConocoPhillips paid $58 billion over the last five years.
In terms of their effective tax rates, the big three oil companies don’t get off easily either. Exxon had an effective tax rate of 37 percent, Chevron’s effective tax rate was 39 percent, and ConocoPhillips’s was a whopping 74 percent. The U.S. corporate tax rate is 35 percent.