The Wall Street Journal: Exxon files lawsuit against EU over windfall tax on energy companies

by | Dec 29, 2022 | Stock Market

BRUSSELS—Exxon Mobil Corp.
XOM,
-1.64%
said Wednesday that it has filed a lawsuit against European Union authorities over the bloc’s decision to impose a windfall levy on energy companies’ high profits triggered by Russia’s invasion of Ukraine. The EU approved a plan this past fall to redistribute some energy company profits and revenue in a bid to shield consumers from high energy prices. The plan sought to cap producers’ revenue from electricity generated by fuels other than natural gas and demanded that oil-and-gas companies hand over one third or more of money the EU considers to be excess profit.

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