Agreement (PSA), this tax was not paid by the company but covered from the Government of Guyana’s share of profit oil.

Hess’ $219.33 billion in taxes for 2024 is an increase from the $131.56 billion in 2023. For that same year, Hess Guyana recorded a staggering $840 billion in profits. ExxonMobil Guyana Limited (EMGL) is the operator of the Stabroek Block with a 45 percent interest, while Hess Guyana holds 30 percent and CNOOC Petroleum Guyana Limited holds 25 percent.

Recently, this publication reported that EMGL did not pay over $260 billion in income taxes to the Guyana Revenue Authority (GRA) for 2024. 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 percent of the oil produced to recover their investment costs; the remaining 25 percent is considered profit, which is split between Guyana and the Stabroek Block consortium, giving each 12.5 percent. However, the consortium pays a 2 percent royalty from its share to Guyana. From its 14.5 percent, Guyana then has to pay taxes for the oil companies. (Kaieteur News)