ConocoPhillips Responds to Congressional Tax Hike Proposals

ConocoPhillips Chairman and CEO Jim Mulva made this comment Wednesday on congressional proposals to eliminate tax deductions for the five largest oil and gas firms.

“These unprecedented proposed taxes, targeted at only five companies, would have serious effects on our company. We already have the highest effective tax rate among companies in the United States and these proposals unfairly single us out for additional taxes,” said Mulva. “Not only would increased taxes cost jobs, raise consumer prices and shrink government revenue, but they would also hamper our ability to remain competitive and reinvest in jobs, new energy technologies and resources in the United States and internationally.”

Mulva is scheduled to testify Thursday before the Senate Finance Committee.