On October 23, 2025 FACT launched a new report analyzing the tax disclosures of 11 U.S. oil and gas multinational companies, and calling for the elimination of harmful subsidies for extraction abroad.
Speakers at the launch event included:
- Senator Sheldon Whitehouse (D-RI)
- Erich Pica, President, Friends of the Earth
- Amy Hanauer, Executive Director, Institute on Taxation and Economic Policy
- Matthew Gardner, Senior Fellow, Institute on Taxation and Economic Policy
- Ian Gary, Executive Director, FACT Coalition
- Zorka Milin, Policy Director and report co-author, FACT Coalition
A video of the launch event is copied below. For press inquiries, please contact Zorka Milin at zmilin@thefactcoalition.org. Please reach out to Thomas Georges at tgeorges@thefactcoalition.org with any other questions.
About the report: According to new disclosures, US oil and gas companies pay significantly more tax to foreign petrostates than to the US federal government, despite collectively producing more oil and gas domestically than in all other countries combined. In a particularly stark example, ExxonMobil reported paying nearly five times as much tax to the United Arab Emirates as to the US federal government in 2023.
Exxon is not alone. American oil and gas companies with foreign operations reported owing only 12 percent in federal tax on their domestic income on average, far below the 21 percent statutory corporate tax rate. These companies’ low average tax rates are tied to a number of industry-specific tax breaks, including policies that specifically subsidize drilling abroad. These tax subsidies reduce much-needed US public revenues, exacerbate the climate crisis, harm public health, and fail to secure low energy prices for consumers or good-paying American jobs.
Based on a detailed analysis of the financial disclosures of 11 American oil and gas companies engaged in fossil fuel exploration and extraction abroad, this report is an urgent call to end preferential tax breaks that undermine U.S. interests and harm the planet.
###