- Exxon Mobil (XOM +0.2%) and Chevron (CVX -0.3%) paid no tax in Australia in the 2016 financial year for the third year in a row, despite reporting billions of dollars in income from operations in the country.
- XOM, which has oil and gas production in the Bass Strait and a stake in the Gorgon LNG project among other assets in Australia, reported A$6.7B (US$5B) in income for 2016 but said it had no taxable income since it has invested ~A$18B over the past few years on projects including Gorgon and the Kipper Tuna Turrum field.
- CVX, operator of the Gorgon and Wheatstone LNG projects, reported A$2.1B in income and paid no tax but said it expects to pay significant taxes once those projects are fully up and running.
- Royal Dutch Shell (LON:RDSa)'s (RDS.A, RDS.B) Australian unit, also a partner in Gorgon LNG, reported A$4.2B in income and A$97M in taxable income but paid no tax.
- Now read: Chevron: Buy The Breakout
Original article