ExxonMobil Guyana denies using US tax credits for Guyana operations

President of ExxonMobil Guyana, Alistair Routledge, has rejected claims that the company benefited from tax credits in Guyana for 2023 and 2024, insisting that no such credits were applied in its U.S. filings.

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Routledge’s clarification follows a letter from three U.S. Senators—Sheldon Whitehouse, Jeffrey Merkley, and Chris Van Hollen—to ExxonMobil Chairman and CEO Darren Woods, raising concerns that American taxpayers could be indirectly subsidizing the company’s operations in Guyana.

The Senators’ inquiry stemmed from allegations by the New York-based non-governmental organization Oil and Gas Governance Network (OGGN), which claimed Exxon falsely reported paying over US$1.2 billion in taxes to the Guyana Revenue Authority (GRA) in 2024.

In their letter, the Senators questioned whether ExxonMobil might be using foreign tax credits (FTCs) in the United States to offset its tax bill, an issue that would be prohibited if the company were classified as a “dual capacity” taxpayer—one that both pays taxes and receives economic benefits from a foreign government.

Under Guyana’s Production Sharing Agreement (PSA), the government pays ExxonMobil’s income taxes from its share of oil profits, while the company and its partners retain a portion for cost recovery and profit oil. The arrangement has long sparked debate over whether it constitutes a form of government subsidy.

Routledge dismissed the premise of the Senators’ concerns as inaccurate. “It would appear that OGGN perhaps misled the Senators somewhat,” he told reporters at a press conference on Monday in Georgetown. “ExxonMobil Corporation, in its 2023–2024 tax filings, included no Guyanese tax credits in either of those filings.”

He noted that Exxon only began turning a profit in Guyana in 2023, but said the company remains “cash flow negative on a cumulative basis” as it continues heavy investment in offshore projects.

Pressed on whether Exxon had received any tax receipts from the government that could be used in U.S. filings, Routledge reiterated, “There were no Guyana tax credits that were used by ExxonMobil in 2023 or 2024 filings… up until this point, no, no credits have been applied.”

He confirmed that ExxonMobil is currently “working with the Guyana Revenue Authority on paperwork and tax receipts,” but emphasized that none have been used to claim tax credits.