14 February Committee Secretary Senate Economics References Committee Parliament House CANBERRA ACT By
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1 ExxonMobil Australia Pty Ltd ABN Riverside Quay Southbank, Victoria 3006 GPO Box 400 Melbourne, Victoria Telephone Richard J Owen Chairman 14 February 2018 Committee Secretary Senate Economics References Committee Parliament House CANBERRA ACT 2600 By economics.sen@aph.gov.au Dear Committee Secretary ExxonMobil Australia Pty Ltd (EMA) welcomes the opportunity to provide a supplementary submission to the Senate Economics References Committee inquiry into corporate tax avoidance and minimisation. This submission is provided in addition to our previous two submissions, as well as our testimony provided at the Committee s public hearings on 18 November 2015 and 28 April This submission is made on behalf of ExxonMobil Australia Tax Consolidated Group of Companies (EMA Group). EMA is the head company of an income tax consolidated group for the purposes of Australia's income tax laws. The EMA Group includes EMA, its subsidiaries and certain other Australian subsidiaries of Exxon Mobil Corporation. The EMA Group operates under the brands of ExxonMobil Australia, Esso and Mobil. Firstly, we would like to record our strong objection to the false and defamatory statement made on page 11 of the Tax Justice Network (TJN) Australia supplementary submission (136) released in December 2017, that Exxon appears to have deceived the Senate Inquiry into Corporate Tax Avoidance. ExxonMobil did not mislead or deceive the Senate. We provided all materials as requested, including detailed information on the related party dealings of ExxonMobil Australia and answered all questions at the Senate Committee hearing truthfully and honestly. The EMA Group recognises the concern that the public and government have with regards to companies evading tax. We share that same concern. We are also cognisant of the importance of public scrutiny and the need for appropriate independent oversight and audit. Tax honesty is vitally important to a company s social licence to operate, and a reason why the EMA Group has signed up to the Australian Taxation Office s voluntary Tax Transparency Code. The Income Tax Assessment Act is one of the most complex pieces of regulation governing the way in which a company does business in Australia. Due to this complexity, it is understandable that is not well understood in the general community. It is disappointing to see a number of examples where individuals and activist organisations seek to exploit this lack of understanding by unfairly and falsely accusing companies of misconduct when these companies conduct their affairs in accordance with applicable laws and regulations. The making of false allegations falls far short of community expectations, wrongfully harms the reputation of companies acting within the legal and regulatory boundaries, and impacts Australia s international investment attractiveness. An ExxonMobil Subsidiary
2 Page 2 About EMA Group Operations The EMA Group has been operating successfully in this country since We have invested almost A$40 billion in Australia. Over the last decade we have had an effective tax rate, including PRRT and income tax of greater than 50 cents in every dollar. Furthermore, our community contributions since the commencement of our operations have been substantial, including making community contributions during the last seven years of in excess of A$1 million each year. Esso Australia Resources Pty Ltd (Esso), a subsidiary of the EMA Group is the operator of the Gippsland Basin Joint Venture (50/50 Joint Venture with BHP). Our Longford plants and 23 offshore platforms and installations and over 600 kilometres of underwater pipelines provide 50 per cent of eastern Australia s domestic gas needs. Over the past decade we have been investing significant amounts into our Gippsland Basin operations. With our joint venture partners we have also invested over A$5.5 billion in the Kipper Tuna Turrum project 1. This project is the largest single investment, ever, in Australia's domestic gas market. It will access 1.6 trillion cubic feet of gas and help offset declines in our mature Gippsland fields. We have also recently completed the A$400 million 187 kilometre Longford Liquids Pipeline which will help keep the crude oil, and associated gas flowing to the nation. As exploration spend levels fall in Australia, the EMA Group continues to explore for new opportunities. With no guarantee of success, more than A$100 million will be invested by Esso Deepwater Gippsland in the drilling of wells in mid 2018 with the objective of seeking to find high quality, low CO2 gas, which could be developed for supply into the east coast gas market. Mobil, a subsidiary in the EMA Group owns and operates the Altona refinery in Melbourne, which is a major supplier of Victoria s fuel needs. It processes crude oil into petrol, diesel, jet fuel and liquefied petroleum gas. Mobil also imports finished product to markets across Australia from the world-scale Singapore refining complex, which is owned by a related entity. In addition we operate a network of distribution terminals, including Yarraville in Victoria, Birkenhead in South Australia and Silverwater in New South Wales. These terminals distribute a variety of petroleum products including petrol, diesel, aviation fuel and heating oil. While other refineries in Australia have elected to close down, our downstream (Mobil) business has invested significantly to help fuel Australia s future. The EMA Group has invested in technological capital infrastructure at our Altona Refinery in Victoria. This investment has increased refining capacity by 10,000 barrels per day, from 80,000 to 90,000 barrels. We are also investing significant amounts to improve the supply of jet fuel to Melbourne Airport, including the construction of two new tanks to be in operation by The EMA Group also has a 25 per cent interest in the A$60 billion Gorgon project, one of the world s largest natural gas projects, and the largest single resource development in Australia s history. Response to the Tax Justice Network supplementary submission (136) There are numerous allegations and a significant amount of misinformation presented by the Tax Justice Network (TJN) Australia in its supplementary submission EMA Group has a 32.5 per cent interest in the Kipper project
3 Page 3 Their submission unfortunately draws conclusions from a limited period of time in the long history of our operations. We are currently in a corporate income tax loss position (an anomaly in our proud history in Australia) and the TJN gives no credit to the significant record capital investment program that was underway during this same timeframe. During this same period there were associated near term borrowings to support this significant capital investment. The TJN submission also does not take into account the diversity of our business, and while we are a major oil and gas producer, we are also a major wholesaler of automotive fuel. Revenue from our refining and supply operations The revenue base for the EMA Group is derived from a number of key business lines both in Australia and foreign jurisdictions. This has been consistent in our operations and accounts over many years. The 2016 accounts, as filed with the Australian Securities Investments Commission (ASIC), reported total revenue of A$7.2 billion, of which A$6.5 billion came from its Australian operations. The vast majority of this revenue, in excess of A$5 billion, was derived from our Downstream operations, driven primarily by terminal gate sales of low-margin wholesale refined product to non-company owned retailers in Australia. It is important to note that this revenue included almost A$1.8 billion of mandated Excise tax collected on behalf of the Federal Government. Indeed, total Australian tax payments in 2016 by the EMA Group were in excess of A$2.1 billion or just over 32 per cent of its Australian revenue. Operational costs consumed the majority of the remaining A$3.2 billion in revenue, with imported crude and refined product to meet demand above local refining capacity accounting for almost 80 per cent of these costs. The purchases of refined products are primarily from the Singapore refining complex (owned by a related entity) one of the largest refiners in the region, also supplying the broader Asia Pacific market. Crude oil cargoes were purchased on the open market through a related party, also based in Singapore. Prices paid for the refined product and crude oil are based on internationally traded commodity pricing. These prices are consistent for both internal and external trades and the EMA Group utilises the Organisation for Economic Co-operation and Development (OECD s) arm s length principle to identify chargeable international related party dealing and the pricing of those dealings. This exact same principle underpins Australia s transfer pricing rules. Applying this principle, the price of EMA Group international related party dealings reflects the price that EMA Group would agree for the same dealing in comparable circumstances if it were dealing with a wholly independent party. ExxonMobil s world-wide related party dealings in refined product and crude have been subject to independent review and audit, with no significant adjustment, over many years by revenue authorities around the world, including the Australian Taxation Office (ATO). The remaining approximate 20 per cent of the refining and supply revenue was consumed in our refinery operations through salaries, wages and operational costs to run the Altona Refinery, in utilising the imported and local crude to produce part of the refined product sales noted above. After deducting these costs our Downstream operations made a small profit in 2016.
4 Page 4 Revenue from our oil and gas production operations In 2016, approximately 15 per cent of the total A$7.2 billion in EMA Group revenue was derived from the EMA Group oil and gas production operations. Gas sales make up the bulk of this revenue through sales into the east coast domestic gas market. In recent years we have seen an increase in supply from our operations to meet market needs. However, similar to our refining and supply operations, EMA Group sells gas on a wholesale basis and does not set the final customer retail price. It is also important to note that these sales were typically made based on contracts that were entered into years prior to the actual supply of that gas, and as such, despite the allegations made in the TJN submission, the wholesale gas prices reflected in the revenue above have been flat through the years they reviewed. The market prices that are being referred to in the TJN submission are in fact market prices driven by the retail operators that supply gas to the domestic market rather than wholesale prices. In addition, 2016 saw the first sales of gas from our interest in the Gorgon operations on the west coast. Sales revenue generated from this asset again have been made under long term contracts to external third parties. In 2016 our Gippsland operations continued to be profitable. This can be shown by the A$251 million in PRRT paid in However these profits, combined with the small profit from the refining and supply business were not enough to cover the significant depreciation and financing costs associated with EMA s significant investments in Gorgon and Gippsland over recent years. Our investments in Australia s energy future During the period referenced by the TJN, we have seen a record level of capital investment by the EMA Group into Australia s energy future. In fact, we have seen our total capital investment in Australia grow from an average term capital base of around A$7 billion in 2009 to almost A$28 billion today, or around A$40 billion once depreciation is excluded. This A$21 billion uplift is driven by our long term investment commitment to projects such as Gorgon and additional spending in Bass Strait on the Kipper/Tuna/Turrum project. This capital investment significantly increases our local book and tax deductions with a resulting negative impact on year to year profitability, particularly during the early years of these major projects as we go through the construction stage with no revenue and project start-up phase with lower revenues. During this period our asset depreciation costs have more than doubled to just over A$1 billion annually. To support this historic level of investment into Australia we have needed to use a number of funding options. We have invested equity into the Australian operations of over A$2 billion, while also reinvesting local cash earnings of a similar amount rather than paying dividends to the parent company. Our capital investments well exceeded this though and we required borrowings to support the level of expenditure. Historically we have carried debt of around A$2 billion to A$3 billion to support our operations. Commensurate with the ramp up of our capital projects we progressively increased our debt levels to cover our immediate cash outgoings. This debt peaked at almost A$19 billion. Since this time we have commenced the process of paying down this debt as revenue has started flowing from these investments.
5 Page 5 It is important to understand that the debt is provided by finance subsidiaries of Exxon Mobil Corporation, and similar to the intercompany purchases, is at arm s length. The borrowing rate is based directly on the Australian banking industry standard of the Bank Bill Swap Rate (BBSW) including a risk based spread and is updated at a minimum on a quarterly basis. The rates are at or below those achievable in the open market and are supported by an independent report from an international bank. EMA Group withholds and remits interest withholding tax at a rate of 10 per cent on interest accruing on the above loans. Withholding tax is paid to the Australian Tax Office (ATO) quarterly. Tax from associated international operations The final segment of our A$7.2 billion in revenue is derived from our previously detailed interests in a number of overseas operations, primarily Indonesia and PNG. The income generated by the companies in these foreign jurisdictions is taxed at the appropriate rates of the operating country, and is not subject to tax in Australia. It is important to note that these are revenues generated in those countries and therefore taxed in those countries. While under accounting rules we report our operating interest into our EMA Group earnings report, it has no influence on the tax paid or payable within Australia. It should be noted that without this revenue generated from International operations, the EMA results for 2016 would have been in an overall loss making position. All revenues generated by EMA Group are taxed in Australia All revenues generated from the Australian operations of the EMA Group are reported and taxed within Australia. A number of concerns around the country of origin for parental ownership have been raised, particularly Dutch and Bahamas. Irrespective of the domicile for any parent company of an Australian entity, it in no way impacts on the taxes paid in Australia. As such, while the EMA Group is owned by a Dutch entity of Exxon Mobil Corporation, it has no relevance to the taxable income or tax paid by the EMA Group. EMA has a long history of paying company income tax in Australia and while we are currently in a corporate income tax loss position, the EMA has paid over A$2 billion in corporate income tax alone from its inception in In addition, it should be noted that we have also paid over A$12 billion in Petroleum Rent Resource tax since In fact, a recent ACIL Allen report 2 found that between 1967 and 2015 the Gippsland Basin Joint Venture has paid more than $89 billion in Australian excises, royalties and taxes. This is the equivalent of 2.5% of all Commonwealth Government tax receipts over the period. It is fully anticipated that EMA will once again be a significant payer of corporate income tax, as the depreciation and finance costs associated with its significant capital investments start to decrease and as the revenue from these investments grows. 2
6 Page 6 Governance The accounts of EMA Group are prepared in accordance with Australian Accounting Standards and Audited by Pricewaterhouse Coopers in line with these standards, with no exceptions. Accounts are filed on time annually with ASIC. ExxonMobil Australia has also signed up to the ATO s voluntary Tax Transparency Code. In closing, we thank the Committee for this opportunity to highlight the significant investment the company has made and continues to make in Australia, and the tax contribution associated with that investment. Yours faithfully
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