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 the company’s U.S. filings.
Routledge’s clarification comes after three U.S. Senators — Sheldon Whitehouse, Jeffrey Merkley, and Chris Van Hollen wrote to ExxonMobil’s Chairman and Chief Executive Officer, Darren Woods, recently expressing concern that American taxpayers could be indirectly subsidizing ExxonMobil’s operations in Guyana.
This follows an allegation by New York-registered non-governmental organisation, Oil and Gas Governance Network (OGGN), that Exxon falsely claimed in its filings that it paid over $1.2 billion in taxes to the Guyana Revenue Authority (GRA) in 2024.
The Senators questioned whether the company might be using foreign tax credits (FTCs) in the U.S. to lower its tax bill for payments.
Under the Production Sharing Agreement, the Guyana government pays ExxonMobil’s income taxes out of its share of oil profits, while the company and its partners retain a portion for cost recovery and profit oil.
The Senators argued that such an arrangement could amount to a form of government subsidy, making ExxonMobil ineligible to claim U.S. tax credits under rules for “dual capacity” taxpayers, which are companies that both pay taxes and receive economic benefits from a foreign government.
Routledge, however, said the premise of the senators’ concerns was 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 23-24 tax filings, there were no Guyanese tax credits that were included in either of those filings.”
He explained that the company only began turning a profit in Guyana in 2023, but even then, “up until this point, there have been no Guyana tax credits that have been used by ExxonMobil.”
Routledge added that the company remains “cash flow negative on a cumulative basis” as it continues to invest heavily in offshore developments.
Pressed on whether Exxon had received any tax receipts from the government that could be used in U.S. filings, he said, “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 “working with the Guyana Revenue Authority on paperwork, on tax receipts,” but maintained that none have been used to claim credits.
