The Texas oil companies Occidental Petroleum reported last month it was expecting a large tax break from President Donald Trump’s tax and spending cut package known as the One Big Beautiful Bill — to the tune of $700 to $800 million over the next two years. It’s a sizable sum for a company that reported a $2.4 billion profit last year.

And they weren’t alone. Oil companies across Texas and the world have told investors they are expecting billions of dollars in tax benefits over the next three years thanks to the package, according to transcripts of calls with financial analysts reviewed by the Chronicle.

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Source: Houston Chronicle

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