Big Oil Praises Trump’s Bill For Huge Tax Breaks In Q2 Earnings Calls

Washington, D.C. – As Big Oil reported its second-quarter profits in recent weeks, industry executives lavished praise on Donald Trump’s Republican Rate Hike, which hands them huge tax breaks while hiking energy bills for working families. The oil barons were practically tripping over themselves in their rush to celebrate Trump’s bill, and  the early returns from his promised $1 billion “deal.”  

Here is what they said:

BP’s Murray Auchincloss told shareholders that Trump’s tax breaks offset Trump’s tariffs.

• Murray Auchincloss, CEO: “I think on the U.S. legislation, we’re very positive on it.” …
• Murray Auchincloss, CEO: “The tax bill that came through was very favorable to us. Obviously, it sustained the corporate tax rate at 21%, and the immediate expensing really helps offset any pressure from tariffs as well. So there wasn’t — it was very positive for us.”

Trump megadonor and Occidental Petroleum CEO Vicki Hollub, along with her CFO, Sunil Mathew, reported that Hollub’s $1.4 million in donations to Trump had netted their company $700-800 million in tax breaks in the first two years alone. 

• Vicki A. Hollub, CEO: “The recently enacted One Big Beautiful Bill included a number of provisions that will help Oxy.”…
• Sunil Mathew, CFO: “Another impactful driver is the recent passing of the One Big Beautiful Bill…  the bill will provide significant cash tax benefits to Oxy” … “Based on our preliminary assessment, we estimate a potential $700 million to $800 million reduction in cash taxes with roughly 35% expected to be realized in 2025 and the remainder in 2026.”

Devon Energy CFO Jeff Nauer told shareholders that Trump’s tax breaks would benefit them to the tune of $1 billion in the first three years alone. 

• Jeff Nauer, CFO: “I’d also like to highlight the positive impact of the recently passed federal legislation, which provides meaningful tax benefits for Devon.” …
• Jeff Nauer, CFO: “Looking beyond 2025, we expect to no longer be subject to the corporate alternative minimum tax. As a result, we anticipate our ongoing current tax rate will be significantly lower than previous estimates ranging between 5 to 10%. This reduction will provide Devon with increased cash flow of approximately $1,000,000,000 over the next three years…”

ConocoPhillips CFO Andrew O’Brien reported that Trump’s Republican Rate Hike would hand them half a billion in tax breaks. 

• Andrew M. O’Brien, CFO: “And we now expect a total full-year deferred tax benefit of about $0.5 billion, primarily reflecting the positive impacts from the One Big Beautiful Bill.” …