News Roundups

Marathon Poised for $1.1 Billion Tax Refund From Coronavirus Aid, Exxon Mobil to stop contributing to its employee 401k plans, and more

Daily stimulus and recovery news headlines from August 12, 2020.

Marathon Poised for $1.1 Billion Tax Refund From Coronavirus Aid

Marathon Petroleum Corp. is poised to claim a $1.1 billion tax refund thanks to the coronavirus stimulus law enacted in March.

That measure included a tax provision that allows companies to immediately deduct net operating losses and apply them to previous returns for five years from 2018, 2019 and 2020 -- instead of only applying those deductions to future years. The benefit is supercharged because deductions taken before the 2017 tax overhaul can be claimed at the 35% corporate tax rate instead of the current 21%.

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Oxy loses $8.4 billion in second quarter battered by coronavirus

Occidental Petroleum is not planning to increase oil production next year but will instead focus on paying down its massive debt and strengthening its finances in the aftermath of the coronavirus-driven oil bust.

The Houston independent also is looking to partner with other oil and gas companies to develop new drilling projects. The joint ventures would help Oxy save costs by pooling resources.

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N.H.'s Clean Energy Sector Hopes For Post-Covid Stimulus Support To Restore Jobs, Lower Emissions

COVID-19 has been hard on just about every industry in New Hampshire, and renewable energy is no exception. 

People worried about money are putting off investing in solar panels, and health concerns have made home energy efficiency visits more complicated. But scientists say investments like these can lower energy costs, and remain a critical way to combat the other big crisis we’re facing – climate change. 

As part of NHPR’s new climate change reporting project, By Degrees, NHPR’s Annie Ropeik has been trying to find out what might be ahead for the renewable energy industry in the state. Morning Edition Host Rick Ganley spoke with her about what’s next.

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Exxon Mobil to stop contributing to its employee 401k plans

Exxon Mobil plans to stop contributing to its employees’ retirement plans this fall to further cut costs and protect its shareholder dividend in the aftermath of the coronavirus-driven oil bust.

The Irving, Texas oil major said it is suspending company match contributions to its U.S. employee’s 401k plans starting in October. The company currently matches a 6 percent minimum employee contribution with 7 percent of the plan holder’s pay.

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The PPP loan program left too many American small businesses out to dry

In this deeply disunited time, there seemed to be one thing that was able to bring people of all political stripes together: the Small Business Administration's list of businesses and organizations that received $150,000 or more in small business loans from the Paycheck Protection Program (PPP) aid.

Seemingly everyone found a group they think is an unworthy recipient: wealthy elites, political insiders, public policy organizations, lobbyists. Businesses connected to the president's son-in-law, White House Senior Advisor Jared Kushner, got money. So, too, did Planned Parenthood affiliates, the educational arm of the Congressional Black Caucus, the Congressional Sportsman's Foundation, and the Ayn Rand Institute.

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