By Davina Bagot
Kaieteur News – American oil major, ExxonMobil has reported the payment of US$1.2B in taxes to the government of Guyana (GoG) for the year 2024.
In a Securities and Exchange Commission (SEC) filing made on Friday, the company in a specialized report to its shareholders explained that the document was prepared and furnished in accordance with the Securities Exchange Act, regarding Disclosure of Payments by Resource Extraction Issuers (the “Regulations”) on behalf of Exxon Mobil Corporation, its subsidiaries and entities.
It includes cash and in-kind payments made to Foreign Governments or the U.S. Federal Government with respect to commercial development of oil, natural gas, or minerals involving exploration, extraction, processing, and export of oil, natural gas, or minerals, or the acquisition of a license for any such activity.
Exxon in the report explained, “The tax payments reported in this document do not equal our ultimate tax liability. They are the payments we made to the governments in the reporting year reduced by the amount of any refunds and do not include amounts for the purchase of tax credits. For these reasons, we believe the total global taxes and duties expense listed in the companies’ publicly available financial statements provide a more accurate reflection of the full scope of contributions made to governments.”
Notably, with respect to taxes paid to the GoG, the company reported a payment of just over US$1.2B to the Guyana Revenue Authority (GRA). The document also includes other payments made by Exxon to the Guyanese administration during the period, including royalties, fees and production entitlements. Notably, a payment amounting to US$8.9M to the Ministry of Culture, Youth and Sport was also recorded for the purpose of “infrastructure improvements”. See table attached.
According to the SEC filing, ExxonMobil’s global tax bill in 2024 was US$44B. “Our 2024 worldwide effective income tax rate was 33% (excluding acquired entities),” the company stated.
It also pointed out that in the United States, ExxonMobil’s total expense for taxes and duties in 2024 was more than $9 billion. According to Exxon’s 2024 financial statements, the company’s earnings totaled nearly US$35 billion.
Exxon’s reporting on tax payments, specifically made to the government of Guyana, comes at a time when the U.S government has raised serious concerns over the company’s tax arrangements locally.
On Tuesday, three U.S Senators wrote to CEO of ExxonMobil, Darren Woods about the company’s tax arrangements in Guyana. The lawmakers have given Exxon an October 23, 2025 deadline to respond to a series of questions. Read more here: https://kaieteurnewsonline.com/2025/09/24/u-s-senators-probing-exxons-guyana-tax-deal/
ExxonMobil, in joint venture with CNOOC and Hess (now Chevron), were contracted by the GoG to produce hydrocarbons in the 26,800 square kilometer Stabroek Block.
In a statement issued to the media, it was explained that Senators Sheldon Whitehouse, Chris Van Hollen and Jeff Merkley requested information on the company’s accounting of its U.S. tax liability as a result of the 2016 Stabroek Block Petroleum Agreement.
“The letter raises questions about whether American taxpayers are subsidizing ExxonMobil’s foreign oil production in Guyana, which the company carries out in partnership with a Chinese state-owned company,” the statement said.
The sweetheart deal Exxon signed in 2016 states in Article 15.1 that the Contractor (ExxonMobil Guyana Limited) as well as its affiliates shall not be subjected to tax, value-added tax, excise tax, duty, fee, charge, or impost in respect of income derived from petroleum operations, property held or transactions except as specified under the agreement.
Further, Article 15.4 states that the sum equivalent to the taxes owed by the company will be paid by the Minister responsible for Petroleum to the Commissioner General of the GRA. It should be noted that the contract also allows for the issuing of a receipt to ExxonMobil, indicating that it has met the local tax requirements to avoid the burden of double taxation.
Original link posted by Kaieteur News on September 28, 2025.
