Wednesday, May 11, 2011

Top Oil Execs To Appear Before US Senate, Discuss Tax Breaks

By Tennille Tracy

WASHINGTON (Dow Jones)--Top executives from Shell (RDSA, RDSB), Chevron (CVX) and other major oil companies will testify on Capitol Hill Thursday, making a rare appearance before lawmakers as the Senate considers proposals to repeal tax breaks given to the energy industry.

The Senate Finance Committee, which is holding the hearing, announced Tuesday that the oil executives will appear before its members as its chairman, Max Baucus (D., Mont.), develops a bill to strip away billions in energy-related tax incentives.

The executives are expected to defend various tax credits and deductions that the oil and gas industry currently enjoys, just as the industry's lobbyists have been doing in recent weeks.

Democrats, on the other hand, are likely to highlight the companies' recent profits and to promote bills that want to use revenue generated by repealing the incentives to pay down the federal deficit or develop clean energy.

In addition to Shell and Chevron, the Thursday hearing will include executives from ExxonMobil (XOM), ConocoPhillips (COP) and BP (BP, BP.LN), the Senate Finance Committee said.

-By Tennille Tracy, Dow Jones Newswires; 202-862-6619;

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