Booming oil firms see tax rates fall

Of the 87 publicly traded oil companies with a market capitalization of more than $1 billion, the effective tax rates of 21 companies fell in the most recent quarter compared with average rates paid over the trailing 12 months, Reuters data show.
Royal Dutch Shell PLC's tax rate fell to 37% in the third quarter from 41%, BP PLC's declined to about 27% from more than 30% and Burlington Resources Inc.'s dropped to about 33% from 37%. The rates were derived by dividing the amount of income tax paid by taxable income.