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.
Brandon Bell | Getty Images
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.
Mack Trucks and Terex Utilities have announced plans to reveal the next generation of their zero-emissions utility bucket trucks at Work Truck Week in Indiana later this month – and it looks fantastic!
Co-developed by Terex Utilities and Mack Trucks on a Mack MD7 Electric Class 7 chassis, the new Terex bucket truck is a zero-emission utility capable of traveling longer distances and hauling more cargo wherever it’s needed to upgrade, or even restore power where it’s needed.
To make it work, Terex installed an Optima HR55 aerial device that draws power from a HyPower SmartPTO (Power Take Off) from Viatec. The SmartPTO replaces a conventional, mechanical PTO that’s powered by an internal combustion generator. In so doing, it avoids a loud idling engine while reducing utility workers’ exposure to toxic exhaust fumes and the heavy particulate emissions matter with idling diesels (even with Tier V standards).
“Our collaboration with Mack Trucks represents continued progress in zero-emissions utility vehicles,” explains Tyler Schwingler, Terex Utilities product marketing manager. “By combining our industry-leading Optima HR55 aerial device with Mack’s innovative MD7 Electric chassis, we’re providing utility companies with a solution that doesn’t compromise on performance or capability while supporting their sustainability goals.”
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In addition helping meet the company’s ESG goals, the Mack MD Electric is also equipped with the advanced 3rd Eye digital platform, which integrates AI-driven camera systems to enhance safety and productivity. With up to six HD cameras that display a real-time, 460-degree view on a 7-inch in-cab monitor. The bird’s-eye view all but eliminates blind spots when reversing and moving through high-traffic job sites.
“This electric bucket truck represents the next natural step in our commitment to sustainable transportation solutions,” says George Fotopoulos, vice president of E-mobility at Mack Trucks. “Our lightweight electric chassis provides the capability to handle more demanding applications, and when combined with Terex’ expertise in utility equipment, we’re delivering a solution that pushes the boundaries of what’s possible in zero tailpipe emissions utility vehicles.”
Terex will be bringing its new Mack MD Electric-based utility bucket truck to this year’s Work Truck Week at the Indianapolis Convention Center March 8-11.
The International is a fine truck, of course – but the Mack MD Electric raises the bar a bit with more range than the eMV and more rear axle capacity than anything else in its class. The MD also has enough commonality with its HD cabs and chassis that parts availability seems to be top of the class. Pair that with parent company Volvo’s global reputation for quality and progressive ideologies and, well … let’s just say we all have our favorites.
Officially dubbed the Tadano eGR-1000XLL-1 EVOLT, the big mobile crane ships with six lithium ion battery packs offering up to 226 kWh of power. Tadano says that’s good enough for up to seven hours of continuous operation in a single spot, or or up five hours of continuous operation and five-and-a-half miles of driving before it runs out of juice.
Re-juicing (?) the big crane is achieved with a standard CCS/J1772 DC fast charger with speeds up to 150 kW. That’s enough, Tadano says, to fully charge the eGR-1000XLL-1’s batteries in under two hours, or overnight on an 80A 220/240V AC charger … but all that is besides the point.
Grid-connected power for 24/7 use
eGR-1000XLL1 EVOLT graphic; via Tadano.
The EVOLT’s real superpower isn’t its big battery or 100-ton lifting capacity. Instead, it’s the crane’s ability to operate 24/7 when it’s on grid power. If the job site loses power or power has to be shut down as part of regular operations, the crane can keep things moving under battery power for up to seven hours. It can even be connected to mobile charging stations if seven hours isn’t enough, or driven a few miles back to grid power to be charged up.
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And, with 4x4x4 drive, those few miles don’t have to be paved … or even cleared, probably, making the big Tadano perfect for disaster recovery efforts.
“We are very confident in the investment we’ve made in this crane,” said Dean Barley, president and CEO at Tadano America of the 100-ton-capacity machine. “This crane has been tested and retested. We wanted to make sure that the first fully electric rough terrain (RT) crane in North America meets all the requirements of the market.”
Speaking of health risks, swinging up to 100 tons of material around can be dangerous work. That’s where Tadano’s Lift Visualizer and AML Crane Control safety systems come into play:
LIFT VISUALIZER The eGR-1000XLL-1 also offers Lift Visualizer to enhance safety and efficiency. This feature utilizes a suspended load monitoring camera, allowing operators to monitor suspended loads directly from above. Particularly useful in blind spots such as rooftop work, the Lift Visualizer pulls critical lift information from the AML control system and displays it on the video screen, including radius, capacities and load, among others, to improve efficiency and safety for the operator.
AML CRANE CONTROL The AML Control System delivers dependable crane control and monitoring solutions, ensuring safe and efficient performance during crane operations. This system incorporates the latest advancements from Tadano rough terrain cranes, featuring an enhanced operator interface, a broad range of functionalities and the renowned reliability and ease of use characteristic of Tadano products. The system facilitates time and cost savings through straightforward on-board diagnostics, improved settings and easily adjustable lifting limits.
In addition to offering the ability for construction crews to bid on work they simply couldn’t get without an electric option, the company says its new EVOLT models will reduce operating costs on an annual basis by about 35% compared to the diesel-powered version of the same crane. That estimate includes costs of fuel and electricity, as well as maintenance and downtime costs at an estimated 1,200 engine hours per year.
You can check out the full specs on the eGR-1000XLL-1 EVOLT, below, then let us know what you think of Tadano’s latest HDEV in the comments.
Massachusetts is launching a first-of-its-kind statewide vehicle-to-everything (V2X) pilot program. This two-year initiative, backed by the Massachusetts Clean Energy Center (MassCEC), aims to deploy 100 bidirectional chargers to homes, school buses, municipal, and commercial fleet participants across the state.
These bidirectional chargers will enable EVs to serve as mobile energy storage units, collectively providing an estimated 1.5 MW of new storage capacity. That means EVs won’t just be getting power – they’ll be giving it back to the grid, helping to balance demand and support renewable energy use. The program is also focused on ensuring that low-income and disadvantaged communities have access to this cutting-edge tech.
The Massachusetts pilot is one of the largest state-led V2X initiatives in the US and is designed to tackle key challenges in deploying bidirectional charging technology. By strategically placing these chargers in a variety of settings, the program aims to identify and resolve barriers to wider adoption of V2X technology.
Massachusetts EV owners and fleet operators enrolled in the program will get bidirectional chargers capable of both vehicle-to-grid (V2G) and backup power operations at no cost. Here’s what they stand to gain:
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No-cost charging infrastructure: Bidirectional charging stations and installation are fully covered for participants.
Grid resilience: With an estimated 1.5 MW of new flexible and distributed storage assets, the program strengthens Massachusetts’ energy infrastructure.
Clean energy integration: V2G technology allows EVs to charge when renewable energy is available and discharge stored energy when it’s not, supporting the state’s clean energy goals.
Backup power: EV batteries can be used as backup power sources during outages.
Revenue opportunities: Some participants can earn money by sending stored energy back to the grid.
Clean energy solutions firm Resource Innovations and vehicle-grid integration tech company The Mobility House are leading the program’s implementation. “With the charging infrastructure provided through this program, we’re eliminating financial barriers and enabling school districts, homeowners, and fleets to access reliable backup power,” said Kelly Helfrich of Resource Innovations. “We aim to create a scalable blueprint for V2X programs nationwide.”
“Bidirectional charging benefits vehicle owners by providing backup power and revenue opportunities while strengthening the grid for the entire community,” added Russell Vare of The Mobility House North America.
The program is open for enrollment now through June 2025. For more details, visit the MassCEC V2X Program webpage. A list of eligible bidirectional vehicles can be found on that page.
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