Exxon refuses to share U.S. Tax information, hindering progress on energy transparency, says watchdog chief

Exxon Mobil Corp refused to share its U.S. Tax information, jeopardizing the push for transparency in the energy business.

According to Reuters, Extractive Industries Transparency Initiative (EITI) is an organization that audits payments made by energy companies. Its head Clare Short said Exxon's refusal will "endanger U.S. Compliance." Exxon is just one of the 30 other energy firms that did not share U.S. Tax information that was supposed to be reported to the U.S. Securities and Exchange Commission by the EITI last Friday.

The SEC is supposed to outline how these energy firms comply with the Dodd-Frank Wall Street reform by sharing their financial information on each land property they lease. However, there are EITI board members said that there is nothing that can stop Exxon and other companies from not sharing their tax information as the SEC examines the reports.

Natural Resources Governance Institute president Daniel Kaufmann said Exxon's refusal is inconsistent to its pledge of openness.

Meanwhile, The Street reported that Exxon's stock dropped 3.42 percent to $76.16 Monday following the decline of oil prices on a stronger dollar. WTI crude is down 4.83 percent to $38.04 a barrel; the Brent crude dropped 4.16 percent to $41.21 a barrel December 7. Most of these data's are brought by OPEC's decision to continue producing more than 30 million barrels of oil a day.

In a different note, Myanmar is expected to submit its EITI report by the end of December, providing financial information from dozens of companies operating in three extractive sectors in the country. According to The Irrawaddy, presidential advisor Zaw Oo said, "Myanmar will become the first country to include its gems sector, among EITI implementing countries globally."

U.S. EITI board member Neil Brown said the energy firms can share whatever information they want. Supporting EITI can uphold transparency standards in the global energy sector. Exxon has been part of the EITI board for almost ten years.