Exxon Mobil Corp. lost its fight with the U.S. government over a request for a $337 million refund for fuel excise taxes.
A Dallas federal judge on Wednesday sided with the government in a dispute over how to apply so-called mixture credits against the fuel excise tax.
The decision resolves a piece of a lawsuit Exxon filed in 2016 try to recover a total of $1.3 billion for “erroneously assessed and collected federal income taxes,” plus interest, for the period from 2006 to 2009.
Exxon, the world’s largest publicly-traded oil company, is forecast to earn almost $20 billion in net income this year, according to data compiled by Bloomberg. For 2008, the first of two years for which Exxon sought the excise tax refund, Exxon made $45 billion, the highest in its modern history.
The company is “reviewing the ruling and evaluating our next steps," spokesman Scott Silvestri said in an email.
The case is Exxon Mobile Corp v. U.S.A., 3:16-cv-02921, U.S. District Court, Northern District of Texas (Dallas).
— With assistance by Kevin Crowley, and Lynnley Browning