No it is not a direct transfer. This is not talking about a transfer from taxpayers to oil companies. It's about companies keeping money they made instead of paying that money in taxes.
Disparity in tax payments is a form wealth transfer, though I will agree it's not physical. The fact that it is not a physical transfer of funds is a sleight of hand.
1. a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.
Edit: spelling.