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Exxon Denied Rehearing in Major Tax Refund Dispute (Correct)

Sept. 30, 2022, 8:59 PMUpdated: Oct. 6, 2022, 9:14 PM

An appeals court declined to rehear ExxonMobil Corp.'s lost claim to a $1.5 billion tax refund from the IRS on overseas oil and gas ventures.

The circuit’s denial is another setback for the oil and gas giant, which petitioned the US Court of Appeals for the Fifth Circuit on Sept. 20 for a rehearing en banc over its August loss at the circuit. The company was seeking a refund of over $1 billion in overpayment of taxes on oil and gas contracts in Qatar and Malaysia from 2006 to 2009. The IRS disallowed the claim in 2016, determining that the ...