Chevron Joins Exxon in Warning Windfall Tax Threatens Investment

Chevron Corp. Chief Executive Officer Mike Wirth warned against additional taxes on energy companies like those being implemented in the EU because the bumper cash flow is needed to invest in new supplies.

Asked whether current earnings should be regarded as a windfall -- the company earlier reported its second-highest quarterly profit -- Wirth said they should not, and that commodity businesses are inherently cyclical. He added that higher taxation imposed in the US in the 1980s led to lower investment and lower production.

“There are hard times, as we saw just two years ago where we had enormous losses,” ...