Chevron Australia’s profit more than tripled to $12 billion in 2022.
Chevron Australia’s profit more than tripled to $12 billion in 2022.
The US-based business has been one of the biggest investors in Western Australia’s economy, with about $100 billion spent by Chevron and its partners on the Wheatstone and Gorgon LNG plants.
That capital outlay has started to pay real dividends.
The Australian arm of the business booked $US16 billion ($23 billion) of revenue in 2022, a rise of 83 per cent.
It came as gas prices skyrocketed following the Ukraine war.
Chevron’s American parent business received $10.6 billion from the Australian arm, including $7.3 billion of dividends and $3.3 as a return of capital.
The company said it would pay more than $US3 billion in corporate tax for the year in Australia.
“Our 2022 financial results demonstrate the significant growth in Chevron Australia’s tax and economic contribution to the Australian economy, five years after full production commenced at our Gorgon and Wheatstone natural gas facilities,” managing director Mark Hatfield said.
“Record production and top quartile reliability across the facilities, combined with current market conditions, resulted in significant revenue, net profit and company income tax payments for the financial year ending 31 December 2022.
“Chevron Australia is on track to become one of Australia’s largest taxpayers.”
The Australian business reported $60 billion of assets in the group, and more than 1,700 employees.
The report also gives guidance on the supermajor’s future project plans.
The $5 billion Gorgon Stage 2 project was expected to be ready for startup this year, while work on the Jansz-Io compression project continued.
Gorgon’s economic life exceeds 40 years, according to the report.
Chevron is working with other businesses in the Carnarvon Basin to develop the Clio and Acme fields through existing infrastructure, the report said.
