Chevron Australia will begin monthly company income tax instalments averaging approximately A$110 million from September, as part of a forecast A$3.7 billion company income tax payment for the 2022 calendar year.

Chevron Australia Managing Director Mark Hatfield said it is a substantial increase from the A$149 million paid for the calendar year 2021.

“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, Chevron has paid around $7 billion in Australian state and federal taxes and royalties. Forecasts show by the early to mid-2020s, Chevron will pay $2 billion to $3 billion a year in federal and state taxes and royalties. Meanwhile, according to an analysis by ACIL Allen, Chevron’s projected economic contribution in Australia between 2016-2050 is estimated to total $239 billion at an average of $6.9 billion per annum.

Further information on Chevron Australia’s tax payments and economic contributions are outlined in the 2021 Chevron Australia Tax Transparency Fact Sheet.