ConocoPhillips Sued by Louisiana for $390 Million in Taxes (2)

Oil and gas giant ConocoPhillips Co. underpaid its taxes to Louisiana by $390 million between 2008 and 2011, using a pattern of intercompany transactions to shift profits and distort its profitability for state tax purposes, the state argued in a lawsuit.

But the $390 million tax bill, described in the suit filed Tuesday by the Louisiana Department of Revenue, may be just a down payment on the company’s true alleged corporate income tax liability. With penalties and interest, Houston-based Conoco could face a final tax assessment north of $700 million, an attorney for the state told Bloomberg Tax.

In addition, ...