Chevron Corporation has disclosed that it paid $6.25 billion in taxes and shared oil production to Nigeria, Angola, and Equatorial Guinea in 2023, a staggering three times more than its $1.99 billion payout to the US government . This revelation comes as part of the company’s filing under Section 1504 of the Dodd Frank Act, finalised in 2020.
Australia topped the tax list, receiving $3.98 billion, largely due to Chevron’s significant liquefied natural gas operations in the country. Notably, Chevron produces more oil and gas in the US than anywhere else, yet its US tax and royalty bill was substantially lower.
Advocates for tax transparency have long pushed for US oil companies to reveal payments to host country governments, citing disclosure as crucial in preventing corruption. European and Australian commodity producers have led the way in publishing payments, but their US counterparts have resisted, lobbying against the rule.
Aubrey Menard, senior policy advisor at Oxfam America, hailed the disclosure as a victory, saying, “Civil society is really excited…after 15 years of intense fighting and lobbying by the US oil and gas industry”. These disclosures enable scrutiny of fair resource exchange and potential self-subsidisation.
Chevron maintains compliance with legal and contractual requirements, supporting well-designed financial disclosure for transparency and accountability. The company’s US tax bill was lower due to the country’s unique private mineral ownership laws, resulting in lower royalty payments compared to governments owning resources.