Speaking late last month, U.S. President Joe Biden threatened to pursue higher taxes on oil company profits if industry giants do not work to cut gas prices.
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Oxfam on Monday filed shareholder resolutions against U.S. oil giants Exxon Mobil, Chevron and ConocoPhillips, saying a lack of transparency over their global tax practices poses a material risk for long-term investors.
The international relief charity said the companies’ tax practices undermine the public’s interest in a fair tax system — especially in Global South countries “with the greatest tax revenue needs.”
“Exxon, Chevron, and ConocoPhillips’s threadbare tax disclosures leave investors, watchdog groups, and the general public in the dark about the companies’ secretive tax practices,” Daniel Mulé, policy lead on extractive industries and tax at Oxfam America, said in a statement.
Chevron, Exxon Mobil and ConocoPhillips were not immediately available to comment when contacted by CNBC.
It comes amid a broader push for greater tax transparency from large corporations, particularly as people around the world feel the squeeze of a cost-of-living crisis.
Oil majors have been repeatedly criticized for their global tax operations. And, in recent months, energy giants have faced growing calls for a windfall tax after raking in record-breaking profits thanks to a surge in the price of oil and gas following Russia’s invasion of Ukraine.
If oil and gas projects are alleviating poverty, why hide the numbers?
Daniel Mulé
Policy lead on extractive industries and tax at Oxfam America
Speaking late last month, U.S. President Joe Biden threatened to pursue higher taxes on oil company profits if industry giants do not work to cut gas prices, accusing energy giants of “war profiteering.”
“Oil companies’ record profits today are not because they’re doing something new or innovative,” Biden said on Oct. 31. “Their profits are a windfall of war — the windfall from the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe.”
Together, Exxon Mobil, Chevron and ConocoPhillips reported third-quarter profits in excess of $35 billion.
“Oil and gas companies frequently point to their contributions to the tax base in producer countries as a justification for their continued operations, particularly in poor countries, but secretive tax practices make it impossible to verify whether the companies actually contribute to shared prosperity,” Oxfam America’s Mulé said.
“If oil and gas projects are alleviating poverty, why hide the numbers?” he added.
‘Let the sunlight in’
Oxfam said the tax practices of Exxon Mobil, Chevron, and ConocoPhillips create a risk for investors who want to safeguard against potential reputational damage and the possibility of “shelling out millions due to lawsuits, blocked projects, and renegotiation of fiscal terms.”
To rectify this, Oxfam called on the companies to publish reports detailing their tax practices in line with the tax standard of the Global Reporting Initiative, which includes public country-by-country reporting of financial, tax and worker information.
A report from the Tax Justice Network published earlier this month showed that public country-by-country reporting could reduce tax revenue losses due to cross-border profit shifting by at least $89 billion.
Oxfam says the oil and gas sector is recognized as a particularly high-risk sector for corporate tax avoidance — and reaffirms the point that the burning of fossil fuels is the chief driver of the climate emergency.
Chevron last month reported its second-highest quarterly profit ever.
“US extractive companies Hess and Newmont publish GRI-aligned tax reports, as do international oil companies including Shell, BP, and Total,” said Ian Gary, director of the Financial Accountability and Corporate Transparency Coalition, an international transparency advocacy group.
“Exxon, Chevron, and ConocoPhillips are seriously lagging behind their peers,” Gary said.
The resolutions were expected to be put to shareholders at Exxon Mobil, Chevron and ConocoPhillips at their annual general meetings in May next year.
“Shareholders need a full understanding of potential risks,” said Jason Ward, principal analyst at the Centre for International Corporate Tax Accountability and Research.
“Corporations should respect shareholders and lead the way to let the sunlight in,” he added.
Hamburger Hochbahn AG operates the city of Hamburg’s bus system, and they’ve just placed an order with Daimler Buses for 350 fully electric Mercedes-Benz eCitaro buses to be delivered to the northern German city for use as zero-emission public transport.
Hamburger Hochbahn AG becomes the latest bus operator to put in a major order with Daimler – as I type this, fully 95 examples of the Mercedes-Benz eCitaro electric buse have already been deployed on the streets of Hamburg through Vhh.mobility, with both Mercedes and Vhh.mobility calling the bus fleet’s arrival a major step towards CO2-neutral local transport.
“I am very pleased that, together with vhh.mobility, we can make a significant contribution to emission-free local transport in the Hamburg metropolitan region,” says Till Oberwörder, CEO of Daimler Buses. “Our battery-electric eCitaro city bus offers an excellent overall package: The modern, long-range electric drive ensures that passengers reach their destinations quietly and locally CO2-neutrally. Advanced assistance systems also increase safety in all road traffic conditions.”
When discussing their order, Hamburger Hochbahn AG representatives said they were particularly impressed by the low total cost of ownership (TCO) and the ease of maintenance offered by the Mercedes eCitaro electric bus over its service life.
Electric equipment from XCMG can now be ordered with interchangeable battery swap tech, enabling heavy trucks and construction equipment to swap out their BYD-developed, 400 kWh battery packs in just three minutes, and top-off as quickly as diesel.
And we’re not just talking about off-highway and heavy equipment – the XCMG’s swappable BYD batteries are making their way to on-road trucks as well … but we’ll get to that.
XCMG ZNK95 electric autonomous haul truck
XCMG showed off its latest electric equipment at last month’s Bauma China show, including an updated version of its of its 85-ton autonomous electric mining truck. Known as the ZNK95 (above), the truck features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. That’s too bad, too, because what operator wouldn’t want to experience a dedicated permanent magnet synchronous electric drive system capable of putting out 800 kW (1070 hp) and 22,000 Nm (16,200 lb-ft) of torque?
But autonomous solutions aren’t about hp and torque – they’re about keeping operators out of extreme and dangerouns environments. To that end, XCMG says its new HDEVs are fully capable of operating in high-altitude, extremely cold environments with temperatures as low as -40°C (a temp. that most diesels wouldn’t be able to start at, let alone run).
Even in those extreme climates, the XCMG gets the job done with an autonomous driving system that integrates a number of multiple cutting-edge technologies that combine environmental perception, decision-making and planning, vehicle control, and communication into a single dashboard that can be monitored by the fleet manager.
The system can even diagnose faults on individual vehicles and bring them back to service before they break down in the field – a huge potential problem if a truck or dozer gets caught underground!
The ZNK95 has already been deployed at a large, open-pit mine in Inner-Mongolia, China, that has adopted a comprehensive unmanned and electrified construction solution from XCMG Machinery for its latest “green” mining operation. The company says the mine will emit 149,000 fewer tons of harmful carbon emissions than it would with diesel haul trucks annually by the time its full order of ZNK95s is delivered in 2026.
But wait, there’s more …
If you needed a reminder that China is light-years ahead of the US when it comes to electrification tech (and, yes, I know light-years measure distance and not time – grow up), you should know that XCMG’s swappable battery tech, which features 400 kWh packs using BYD blade-style battery cells packed at a facility that’s run as a JV between XCMG and BYD, is such a non-event in a country that’s seen millions of swaps that it didn’t even merit a press release at Bauma.
In fact, the only reason I know about it at all was because I follow Etrucks New Zealand, an XCMG dealer, on LinkedIn, and he was talking it up.
“XCMG are by far the dominant EV exhibitor at Bauma Shanghai. Here a truck crane solution to swap construction machine batteries,” said Ross Linton, owner and President of Etrucks New Zealand. “Here a truck crane solution to swap construction machine batteries.”
Tesla drivers in Sweden are stuck in wait lines at Superchargers stations. Tesla blames union strikes preventing them from connecting their new stations to the grid.
For more than a year now, Tesla service workers in Sweden have been on strike, demanding inclusion in a collective agreement.
Tesla has historically opposed unions and successfully resisted unionization at its manufacturing facilities. Initially, this strike in Sweden seemed manageable, involving only a few dozen workers. However, Tesla underestimated the strength of solidarity among Swedish workers.
While the automaker managed to get around the service workers strike, it is now feeling the impact of “sympathy strikes” from other unions in Sweden.
Now, one of those sympathy strikes is really starting to cause trouble to Tesla owners, and other EV owners.
Union IF Metall used its influence to prevent Tesla from powering new Supercharger stations to put pressure to bring them to the negotiation table, and during the holidays, it is resulting in extremely long lines at the working Supercharger stations, as some posted on X (Nicklas Nilsso):
We have seen long wait lines at Tesla Superchargers before, but I think this might be the longest I’ve ever seen.
The same Tesla owner posted a local Supercharger map that showed that the vast majority of stations in the country currently required wait times to access a charger:
Max de Zegher, Tesla’s head of charging, commented on the situation and blamed the union strikes for preventing over 100 new Superchargers from being energized:
One of those “sympathy strikes” is getting pretty impactful As forecasted, Swedish EV drivers are suffering and EV infrastructure is not keeping up unless Superchargers get energized by the utilities blocking them from getting energized. Tesla Superchargers are critical infrastructure, especially for peak travel days like this. 100+ stalls in Sweden would have been energized this winter, if it wasn’t for sympathy strikes.
He added that there’s “no clear path” to fixing the situation:
Despite no clear path yet to getting turned on, we will also continue to invest and build sites for Swedish EV drivers, including more capacity in Malung, Käppen, Vansbro, Idre, Särna, and Sunne. We appreciate the support from the public to help us get Superchargers energized asap. Waiting in line like this is super painful, hurts EV adoption and totally fixable!
Tesla CEO Elon Musk has taken a hard line against unions and shown unwillingness to negotiate with them.
That’s a bummer. As de Zegher says, wait lines at chargers are not a great look for EVs. The good news is that most people know the reason for this problem in this specific case is this union dispute rather than an actual problem with EVs.
Now, of course, Tesla blames it on the unions, and the unions blame it on Tesla for not engaging with them.
Can’t we just all be friends?
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