Trending: Exxon Sues EU Over Windfall Profit Tax

9:40 a.m. ET -- Exxon Mobil Corp. is one of the most talked about companies in the U.S. across all news items in the last 12 hours, according to Factiva data. Exxon has filed a lawsuit against the European Union over the bloc's decision to impose a windfall levy on the high profits of energy companies triggered by Russia's invasion of Ukraine. In the fall, the EU approved a plan to redistribute some energy company profits and revenue to help protect consumers from high energy prices. The plan sought to cap producers' revenue from electricity generated by fuels other than natural gas and demanded the hand over of one third or more of money the EU considers to be excess profit. The lawsuit challenges the authority of the European Union to impose what Exxon says is a direct income tax and could cost the company more than $2 billion through the end of 2023. Exxon had nearly $20 billion in profit for the third quarter, a second consecutive record for quarterly earnings. Dow Jones & Co. owns Factiva. (jennifer.tershak@wsj.com)

(END) Dow Jones Newswires

December 29, 2022 09:55 ET (14:55 GMT)

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