- What you need to know...
- Of the leading integrated oil companies, Petroleo Brasiliero (Petrobras), Chevron Corp and Gazprom are relatively well positioned in terms of the tax burden faced by their upstream oil and gas operations.
- Conversely, Surgutneftegas, Lukoil Oil Co and BP generally operate in higher tax jurisdictions than their peers.
- The leading independent oil companies generally face lower overall tax burdens due to their focus on the US.
- The independents facing the highest tax burden are Occidental Petroleum, Apache Corp and ConocoPhillips, as a result of the higher tax burden faced by their international operations.
In the midstream and downstream sectors, the fiscal regime is generally more closely aligned with the general corporate tax regime. However, specific elements may still be incorporated as a result of the economic and political importance of the energy sector.
GlobalData’s Taxation in Oil & Gas – Thematic Research report explores this in greater depth.