ExxonMobil has initiated legal proceedings against the European Union to try to stop a proposed windfall tax on fossil fuel companies, arguing Brussels has exceeded its legal authority.
In September, European Commission President Ursula von der Leyen announced the plan to impose a 33% “solidarity contribution” after oil and gas companies posted record profits in 2022.
The EC pledged to use the expected revenue of €25 billion ($26.6 billion) to “help bring down energy bills”.
‘Counter-productive’
ExxonMobil, headed by chief executive Darren Woods, reported a third-quarter profit of almost $20 billion in October but a spokesman described the EU measure as “counter-productive”.
