Company report: Guyana paid over $260B in taxes for Exxon alone in 2024
Jun 11, 2025
ExxonMobil Guyana Limited (EMGL) President Alistair Routledge
Kaieteur News – ExxonMobil Guyana Limited (EMGL) did not pay over $260 billion (US$1.2 billion) in corporate income taxes to the Guyana Revenue Authority (GRA) for 2024. Instead, in keeping with the provisions of the 2016 Production Sharing Agreement (PSA) signed with the Government of Guyana (GoG), the state paid this amount on Exxon’s behalf from its share of oil revenues from the Stabroek Block.
ExxonMobil is the operator of the Stabroek Block with a 45 per cent interest, while Hess Guyana Exploration Ltd. holds 30 per cent and CNOOC Petroleum Guyana Limited holds 25 per cent.
According to Exxon’s 2024 annual report, “Revenue includes non-customer revenue of G$260,155,788,763 (2023 – G$138,182,695,517) related to Article 15.4 of the Petroleum Agreement. Refer to Note 7.” The report goes on to state, “Income Tax Expense is recognised in respect of taxable profit calculated on the basis of the income tax laws of Guyana that have been enacted as of the date of these financial statements.”
For 2024, EMGL recorded an operating profit before taxation of $1.255 trillion (US$6 billion). The company reported a tax expense of $260 billion (US$1.2 billion), and a total comprehensive income of $995.1 billion (US$4.7 billion).
According to the PSA, the Stabroek Block partners are allowed to recover 75 per cent of the oil produced to recover their investment costs, the remaining 25 per cent is considered profit, which is split between Guyana and the Stabroek Block consortium, giving each 12.5 per cent. However, the consortium pays a 2 per cent royalty from its share to Guyana. From its 14.5 per cent Guyana then has to pay taxes for the oil companies.
Minister of Natural Resources, Vickram Bharrat
Article 15.4 of the Petroleum Agreement states that the sum equivalent to the taxes owed by the company, will be paid by the minister responsible for petroleum to the Commissioner General of the GRA.
The contract also allows for the issuing of a receipt to ExxonMobil, indicating that it has met the local tax requirements to avoid the burden of double taxation. Article 15.5 of the contract states, “Within one hundred and eighty (180) days following the end of each year of assessment, the minister shall furnish to contractor proper tax certificates in contractor’s name from the Commissioner General, Guyana Revenue Authority evidencing the payment of the contractor’s income tax under the Income Tax Act and corporation tax under the Corporation Tax Act. Such certificates shall state the amount of tax paid individually on behalf of contractor or parties comprising the contractor and other particulars customary for such certificates.”
This publication had reported that EMGL did not have to pay over $197 billion in taxes to the GRA for 2023 and 2022, as a result of the clause of the 2016 PSA. According to Exxon’s Annual Report, in 2023, the government paid $138.182 billion in taxes on its behalf to GRA. This figure represents a significant increase compared to the $59.381 billion government had to pay for Exxon in 2022. Exxon had explained in its report that while it is subject to Guyana’s income tax laws, the taxes assessed on the company’s operation are paid by the government, rather than the company itself.
At a press conference earlier this year, EMGL President Alistair Routledge said it would be incorrect to say the company was not paying taxes to the government of Guyana. He pointed out, “As far as paying taxes though in the country, I do want to be clear that while we don’t specifically pay corporate income tax, we do pay other taxes, like withholding taxes and royalties…we actually paid $49.5B in taxes as ExxonMobil Guyana to the GRA in 2023.”
The 2016 PSA was signed under the former APNU+AFC government, and the current Irfaan Ali administration has stated that the agreement will remain in place, citing the sanctity of contract, despite widespread criticism that the deal is overly favorable to the oil companies. This tax arrangement continues to draw local and international scrutiny, with critics arguing that it deprives Guyana of direct revenue and gives Exxon and its partners a “tax-free ride” on their petroleum operations in the country.
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