media statement Chevron’s Australian tax and economic contributions accelerate
PERTH, Western Australia, 8 September 2022 – Chevron Australia today announced it would begin monthly company income tax instalments averaging approximately A$110 million from September1, as part of a forecast A$3.7 billion2 company income tax payment for the 2022 calendar year.
Chevron Australia Managing Director Mark Hatfield said this was a substantial increase from the A$149 million paid for the calendar year 2021, demonstrating the significant growth in Chevron’s contribution to the Australian economy.
“We’re now in a new phase in the lifecycle of our Gorgon and Wheatstone projects. Revenue, boosted by high oil prices, exceeds allowable deductions, in turn driving greater tax revenues for the government,” Mr Hatfield said.
“We understand the community’s concern about companies paying their fair share of tax. Importantly, our economic contribution in Australia goes far beyond tax. While we expect to continue paying significant company tax for decades to come, we will also continue to support jobs, local content, government revenue and energy security for decades to come.”
Since 2009 Gorgon and Wheatstone have delivered a range of benefits to Western Australia and the nation, including:
- More than $65 billion in local content
- 1000 contracts to local Australian businesses from the Gorgon and Wheatstone Projects
- 19,000 construction jobs created in construction
- Domestic gas security – Gorgon and Wheatstone have the capacity to produce 500TJ/d of domestic gas, around 50 per cent of current domestic gas supply in Western Australia.
Further information on Chevron Australia’s tax payments and economic contributions are outlined in the 2021 Chevron Australia Tax Transparency Fact Sheet.
1, 2 Based on current price and revenue assumptions and assuming a USD0.70 exchange rate.
The Chevron-operated Gorgon Project is a joint venture between the Australian subsidiaries of Chevron (47.333 percent), ExxonMobil (25 percent), Shell (25 percent), Osaka Gas (1.25 percent), Tokyo Gas (1 percent) and JERA (0.417 percent).
The Chevron-operated Wheatstone Project is a joint venture between Australian subsidiaries of Chevron (64.14 percent), Kuwait Foreign Petroleum Exploration Company (KUFPEC) (13.4 percent), Woodside Energy Group Ltd (13 percent), and Kyushu Electric Power Company (1.46 percent), together with PE Wheatstone Pty Ltd, part owned by JERA (8 percent).
Chevron is one of the world's leading integrated energy companies and through its Australian subsidiaries, has been present in Australia for 70 years. With the ingenuity and commitment of thousands of workers, Chevron Australia operates the Gorgon and Wheatstone natural gas facilities; manages an interest in the North West Shelf Venture; operates Australia’s largest onshore oilfield on Barrow Island; is a significant investor in exploration; and via Puma Energy delivers quality fuel products and services across Australia, operating or supplying a network of more than 360 retail locations and an extensive 24-hour hour diesel stop network, as well as 14 depots and three seaboard terminals.
Cam Van Ast
Phone: +61 (8) 9216 4462 (Perth)
Cautionary statement relevant to forward-looking information for the purpose of “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995
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