Exxon Mobil is suing the European Union in a bid to force it to scrap the bloc’s new windfall tax on oil groups.
The oil giant argued that Brussels exceeded its legal authority by imposing the levy.
The windfall profits tax is “counter-productive”, discourages investments and undermines investor confidence, Exxon spokesperson Casey Norton said on Wednesday.
Exxon will factor in the tax as it considers future multi-billion euro investments in Europe’s energy supply and transition, he said.
“Whether we invest here primarily depends on how attractive and globally competitive Europe will be,” Norton said.
The Financial Times first reported the lawsuit on Wednesday.
Windfall profit taxes imposed by Europe could cost at least $2 billion through the end of 2023, Chief Financial Officer Kathryn Mikells said in a call to analysts on Dec. 8.
