Some oil companies are trying to persuade former President Donald Trump and his Republican allies not to slash provisions of the Inflation Reduction Act potentially worth billions to the oil industry, The Wall Street Journal’s Collin Eaton and Benoit Morenne report. In talks with Trump’s campaign and his allies in Congress, Exxon Mobil (XOM), Phillips 66 (PSX) and Occidental Petroleum (OXY) have praised the benefits of the IRA, with Occidental CEO Vicki Hollub saying tax credits propping up the company’s huge investments in technology to collect carbon directly from the air should be preserved, people familiar with the matter said.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on XOM:
- Exxon Mobil selects Chart Industries’ IPSMR liquefaction process technology
- Exxon Mobil price target raised to $130 from $127 at BMO Capital
- Exxon Mobil estimates effects of market factors impacting Q3 results
- ExxonMobil’s (NYSE:XOM) Q3 Earnings Face Pressure from Falling Oil Prices
- Exxon Mobil’s Q3 Financial Performance Projections
Questions or Comments about the article? Write to editor@tipranks.com