ExxonMobil VP: Over $260 Billion Paid in Income Taxes—Covered by Government of Guyana
Antonio Dey |HGP Nightly News
Vice President of ExxonMobil Guyana Limited, John Cullen, has revealed that the oil giant paid G$260.1 billion in income taxes last year—almost double the G$138.1 billion spent in 2023. However, Cullen confirmed that these taxes are not directly remitted by the company but are instead covered by the Government of Guyana by the Production Sharing Agreement (PSA).
When pressed about a certificate confirming taxes payable to the state, Cullen deflected, stating:
“That’s really a question for the government. No update on the certificate.”
Cullen clarified that the PSA explicitly outlines that taxes owed by ExxonMobil are paid by the State on its behalf, meaning that while the taxes are declared, they are deducted from Guyana’s share of oil revenues.
Meanwhile, the company’s Business Services Manager emphasized that most of the income generated from increased oil production is currently being directed toward cost recovery. This raises ongoing concerns about transparency, particularly related to risk insurance and liabilities.
When asked about the possible rise in insurance premiums—especially in light of recent Venezuelan naval activity within Guyana’s economic zone—Cullen declined to speculate but noted:
“As you increase activity and your asset base, you can expect higher insurance costs in general.”
Further questions were raised regarding Exxon’s insurance coverage for potential oil spills, a key concern for both environmentalists and the Guyanese public. In response, Cullen gave a general assurance:
“We are always prepared.”
As Guyana’s oil output and revenue continue to surge, public scrutiny over the terms of the PSA, government obligations, and ExxonMobil’s financial disclosures remains intense.
