media release
chevron australia paid A$5.9 billion in taxes and royalties in 2023
Chevron Australia today released its latest Tax Transparency Report detailing the company’s multi-billion-dollar company tax contribution for the 2023 calendar year.
For the period 1 January to 31 December 2023, Chevron Australia’s company tax cash payments totalled more than A$5.9 billion which included income tax, royalties, excise, interest withholding tax, payroll tax, fringe benefits tax and other withholding taxes. Company income tax liability for the same timeframe was A$3.5 billion.
The 2023 Tax Transparency Report follows the release of company tax data by the Australian Taxation Office (ATO) showing Chevron Australia was the fourth largest payer of company income tax in 2022 in which we paid A$4.2 billion1.
Chevron Australia Managing Director Mark Hatfield said, “We have now paid more than A$15 billion in a variety of company taxes over the past 15 years, in addition to investing more than A$80 billion with our joint venture partners in the development of the Gorgon and Wheatstone natural gas facilities.”
“Our substantial company income tax payments highlight the strong earnings we achieved through continued top-tier reliability at Gorgon and Wheatstone,” Hatfield said. “In 2023, Gorgon and Wheatstone achieved record production across the facilities, eclipsing the previous record set in 2022.”
crucial to western australia’s community and economy
“Gorgon and Wheatstone are crucial to Western Australia’s community and economy, supplying around 45 percent of the state’s domestic gas needs. The natural gas we produce powers homes and businesses, drives key industries such as mining, minerals processing, and manufacturing, and works alongside renewable energies to ensure the reliability of the electricity grid."
“By paying our fair share of tax, we’re helping the Australian Government pay for the things that matter, like healthcare, education, cost of living relief, and supporting those in the community who need it most.”
Other payments for the 2023 year included A$95 million for a temporary levy on Australian offshore petroleum production to recover the Commonwealth’s costs of decommissioning the oil fields and associated infrastructure abandoned by the insolvent operator of the Laminaria and Corallina oil fields.
Chevron Australia estimates it will pay approximately 22 percent of the decommissioning costs, despite having no interest or involvement in the oil fields or infrastructure, with our payments to date totalling A$183 million.
In May 2024, legislation to amend the Petroleum Resource Rent Tax (PRRT), which applies to offshore gas producers, was passed by the Australian Parliament.
Chevron Australia always expected to pay PRRT once we recovered our initial investments in Gorgon and Wheatstone. Our payments will commence sooner due to the legislative change, with payments starting in late 2025.
Further information on Chevron Australia’s tax payments and economic contributions are outlined in the 2023 Chevron Australia Tax Transparency Report.
About Chevron Australia
Chevron is one of the world's leading integrated energy companies and through its Australian subsidiaries, has been present in Australia for more than 70 years. With the ingenuity and commitment of thousands of workers, Chevron Australia operates the Gorgon and Wheatstone natural gas facilities; manages its equal one-sixth interest in the North West Shelf Venture; operates Australia’s largest onshore oilfield on Barrow Island; and is a significant investor in exploration. Chevron Australia Downstream delivers quality fuels and lubricants primarily via its Caltex network of service stations across Australia.
Todd Cardy
Communications Advisor
Chevron Australia
Cameron Van Ast
Lead Media Advisor
Chevron Asia Pacific
