Summary
Chevron’s foreign payments to governments totaled $14.6 billion in 2023, significantly surpassing the $2 billion it paid in the United States. A substantial portion of these payments was directed to Australia, primarily due to the company’s investments in liquefied natural gas projects.
The disclosures mandated by the Dodd-Frank Act highlighted the disparity between Chevron’s international and domestic tax contributions. In particular, Chevron paid $4 billion to Australia, which was the largest single foreign payment, while its total tax bill in the U.S. stood at only $1.99 billion. Additionally, Chevron’s payments to Nigeria, Angola, and Equatorial Guinea amounted to $6.25 billion, illustrating a trend where major U.S. oil companies are contributing more to foreign governments than to their home country. This shift raises questions about the fairness of the tax arrangements and the value that U.S. taxpayers receive from the extraction of domestic natural resources.
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