Woodside Energy Group Ltd has released its report on payments to governments for the year ended December 31, 2023, revealing a significant increase in its global tax contributions.
According to the report, Woodside paid over US$500 million in foreign corporate taxes, royalties, and production entitlements in 2023.
The company’s total global tax contribution for the year amounted to a staggering US$3,863 million, broken down as follows:
- Taxes: US$3,070 million
- Royalties: US$603 million
- Production entitlements: US$132 million
- Other payments: US$58 million
The majority of Woodside’s payments were made to the Australian government, totalling US$3,284 million (approximately $4,989 million). This figure represents an 85 per cent increase from 2022 and a remarkable 600 per cent increase compared to the 2019-2021 period.
“When Woodside performs well, Australian governments and communities benefit significantly through increased tax revenues,” the company stated, emphasising the substantial economic contributions it makes in the countries where it operates, particularly in Australia.
In addition to its substantial payments to the Australian government, Woodside also made significant contributions to other countries where it has extractive operations, including:
- United States: US$354 million
- Trinidad and Tobago: US$132 million
- United Kingdom: US$69 million
- Singapore: US$22 million
As the energy industry continues to navigate global challenges and opportunities, Woodside‘s substantial tax contributions are said to underscore the company’s financial strength and its commitment to supporting the economies and communities where it operates.
