ConocoPhillips Quietly Settles Louisiana Profit-Shifting Lawsuit

The Louisiana Department of Revenue confidentially settled a major tax lawsuit against ConocoPhillips Co., but declined to reveal whether the oil and gas giant paid any of the estimated $700 million in back taxes, penalties, and interest the state initially sought.

The resolution comes as Louisiana faces a complex fiscal situation, described by Gov. Jeff Landry (R) and the department as a “fiscal cliff.” Landry and Revenue Secretary Richard Nelson have pushed for a constitutional convention linked to tax and budget reforms to prepare the state for a $600 million revenue gap opening in fiscal year 2026, when a ...