National Fuel is one of Western New York’s largest companies, consistently reporting revenues of nearly $2 billion and operating profits in excess of $200 million each year. Even in the depths of the recession, as many Western New Yorkers struggle to deal with poor economic prospects, the gas company has remained consistently profitable.
Given its size and profitability, National Fuel can certainly afford to pay its fair share in income taxes. But the following report shows that National Fuel has actually paid next to nothing in state and federal income taxes over the past three years, in some cases using the tax code to its advantage in order to pay negative income tax rates. The result: one of the region’s most profitable companies has scored over $400 million in state and federal income tax subsidies from 2009 to 2011.