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Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Statements [Line Items] |
Summary of components of tax expense benefit |
|  |  | 2022 US$m |  |  |  | 2021 US$m |  |  |  | 2020 US$m |
(a) Tax expense comprises |  |  |  |  |  |  |  |  |  |  |  |
Petroleum resource rent tax (PRRT) |  |  |  |  |  |  |  |  |  |  |  |
Current tax expense |  |  | 501 |  |  |  | - |  |  |  | - |
Deferred tax (benefit)/ expense |  |  | (814) |  |  |  | 297 |  |  |  | (439) |
PRRT (benefit)/ expense |  |  | (313) |  |  |  | 297 |  |  |  | (439) |
Income tax |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  |  |  |  |  |  |  |  |  |  |
Current tax expense |  |  | 2,256 |  |  |  | 658 |  |  |  | 275 |
Deferred tax expense/(benefit) |  |  | 701 |  |  |  | 301 |  |  |  | (1,308) |
Adjustment to prior years |  |  |  |  |  |  |  |  |  |  |  |
Current tax (benefit)/expense |  |  | (276) |  |  |  | (20) |  |  |  | 16 |
Deferred tax expense/(benefit) |  |  | 231 |  |  |  | 18 |  |  |  | (9) |
Income tax expense/(benefit) |  |  | 2,912 |  |  |  | 957 |  |  |  | (1,026) |
Tax expense/(benefit) |  |  | 2,599 |  |  |  | 1,254 |  |  |  | (1,465) |
Summary of reconciliation of effective and applicable income tax expenses |
|  |  | 2022 US$m |  |  |  | 2021 US$m |  |  |  | 2020 US$m |
(b) Reconciliation of income tax expense |  |  |  |  |  |  |  |  |  |  |  |
Profit/(loss) before tax |  |  | 9,174 |  |  |  | 3,290 |  |  |  | (5,440) |
PRRT benefit/(expense) |  |  | 313 |  |  |  | (297) |  |  |  | 439 |
Profit/(loss) before income tax |  |  | 9,487 |  |  |  | 2,993 |  |  |  | (5,001) |
Income tax expense/(benefit) calculated at 30% |  |  | 2,847 |  |  |  | 898 |  |  |  | (1,500) |
Effect of tax rate differentials |  |  | (141) |  |  |  | (42) |  |  |  | 192 |
Effect of deferred tax assets not recognised |  |  | 150 |  |  |  | 114 |  |  |  | 270 |
Foreign exchange impact on tax (benefit)/expense |  |  | (44) |  |  |  | (18) |  |  |  | 3 |
Adjustment to prior years |  |  | (45) |  |  |  | (2) |  |  |  | 7 |
Integration and transaction costs non-deductible |  |  | 142 |  |  |  | - |  |  |  | - |
Other |  |  | 3 |  |  |  | 7 |  |  |  | 2 |
Income tax expense/(benefit) |  |  | 2,912 |  |  |  | 957 |  |  |  | (1,026) |
Summary of reconciliation of petroleum resource rent tax benefit |
|  |  | 2022 US$m |  |  |  | 2021 US$m |  |  |  | 2020 US$m |
(c) Reconciliation of PRRT benefit |  |  |  |  |  |  |  |  |  |  |  |
Profit/(loss) before tax |  |  | 9,174 |  |  |  | 3,290 |  |  |  | (5,440) |
Non-PRRT assessable (profit)/loss |  |  | (6,197) |  |  |  | (2,134) |  |  |  | 3,080 |
PRRT projects profit/(loss) before tax |  |  | 2,977 |  |  |  | 1,156 |  |  |  | (2,360) |
PRRT expense/(benefit) calculated at 40% |  |  | 1,191 |  |  |  | 462 |  |  |  | (944) |
(Recognition)/derecognition of Pluto general expenditure 1 |  |  | (1,362) |  |  |  | - |  |  |  | 627 |
Augmentation |  |  | (175) |  |  |  | (166) |  |  |  | (138) |
Other |  |  | 33 |  |  |  | 1 |  |  |  | 16 |
PRRT expense/(benefit) |  |  | (313) |  |  |  | 297 |  |  |  | (439) |
Summary of reconciliation of deferred tax income statement |
|  |  | 2022 US$m |  |  |  | 2021 US$m |  |  |  | 2020 US$m |
(d) Deferred tax income statement reconciliation |  |  |  |  |  |  |  |  |  |  |  |
PRRT |  |  |  |  |  |  |  |  |  |  |  |
Production and growth assets |  |  | (710) |  |  |  | 455 |  |  |  | (242) |
Augmentation for current year |  |  | (175) |  |  |  | (166) |  |  |  | (138) |
Provisions |  |  | (12) |  |  |  | (29) |  |  |  | (32) |
Other |  |  | 83 |  |  |  | 37 |  |  |  | (27) |
PRRT (benefit)/ expense |  |  | (814) |  |  |  | 297 |  |  |  | (439) |
Income tax |  |  |  |  |  |  |  |  |  |  |  |
Oil and gas properties |  |  | 292 |  |  |  | 674 |  |  |  | (981) |
Exploration and evaluation assets |  |  | 14 |  |  |  | (204) |  |  |  | (210) |
Lease assets and liabilities |  |  | 25 |  |  |  | 1 |  |  |  | (16) |
Provisions |  |  | 151 |  |  |  | (10) |  |  |  | (106) |
PRRT assets and liabilities |  |  | 236 |  |  |  | (88) |  |  |  | 134 |
Unused tax losses and tax credits |  |  | 19 |  |  |  | 149 |  |  |  | (149) |
Assets held for sale |  |  | 205 |  |  |  | (205) |  |  |  | - |
Derivatives |  |  | 21 |  |  |  | (11) |  |  |  | 16 |
Other |  |  | (31) |  |  |  | 13 |  |  |  | (5) |
Income tax deferred tax expense/(benefit) |  |  | 932 |  |  |  | 319 |  |  |  | (1,317) |
Deferred tax expense/(benefit) |  |  | 118 |  |  |  | 616 |  |  |  | (1,756) |
Summary of income tax relating to components of deferred tax other comprehensive income |
|  |  | 2022 US$m |  |  |  | 2021 US$m |  |  |  | 2020 US$m |
(e) Deferred tax other comprehensive income reconciliation |  |  |  |  |  |  |  |  |  |  |  |
Income tax |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  |  | (64) |  |  |  | 5 |  |  |  | (25) |
Other |  |  | (2) |  |  |  | 5 |  |  |  | 6 |
Deferred income tax (benefit)/expense via other comprehensive income |  |  | (66) |  |  |  | 10 |  |  |  | (19) |
Summary of effective income tax rate |
|  |  | 2022 US$m |  |  |  | 2021 US$m |  |  |  | 2020 US$m |
(f) Effective income tax rate: Australian and global operations |  |  |  |  |  |  |  |  |  |  |  |
Effective income tax rate 2 |  |  |  |  |  |  |  |  |  |  |  |
Australia |  |  | 30.0% |  |  |  | 30.6 | % |  |  | 29.6 | %
Global |  |  | 30.7% |  |  |  | 32.0 | % |  |  | 20.5 | %
1. | The $1,362 million increase of the Pluto PRRT deferred tax asset is due to the recognition of previously unrecognised deductible expenditure that is now expected to be utilised to offset future taxable profits.
2. | The global operations ef fe ctive income tax rate (ETR) is calculated as the Group’s income tax expense divided by profit before income tax. The Australian operations ETR is calculated with reference to all Australian companies and excludes foreign exchange on settlement and revaluation of income tax liabilities.
Summary of reconciliation of deferred tax asset and liabilities |
|  | 2022 US$m |  |  | 2021 US$m |  |  |  |
(g) Deferred tax balance sheet reconciliation |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |
PRRT |  |  |  |  |  |  |  |  |  |  |  |
Production and growth assets |  |  | 1,460 |  |  |  | 767 |  |  |  |  |
Augmentation for current year |  |  | 113 |  |  |  | 166 |  |  |  |  |
Provisions |  |  | 271 |  |  |  | 75 |  |  |  |  |
Other |  |  | (23) |  |  |  | (1) |  |  |  |  |
PRRT deferred tax assets |  |  | 1,821 |  |  |  | 1,007 |  |  |  |  |
Income tax 3 |  |  |  |  |  |  |  |  |  |  |  |
Oil and gas properties |  |  | (1,496 | ) |  |  | - |  |  |  |  |
Exploration and evaluation assets |  |  | 30 |  |  |  | - |  |  |  |  |
Lease assets and liabilities |  |  | 23 |  |  |  | - |  |  |  |  |
Unused tax losses and tax credits |  |  | 1,464 |  |  |  | - |  |  |  |  |
Derivatives |  |  | 23 |  |  |  | - |  |  |  |  |
Provisions |  |  | 60 |  |  |  | - |  |  |  |  |
Other |  |  | 34 |  |  |  | - |  |  |  |  |
Income tax deferred tax assets |  |  | 138 |  |  |  | - |  |  |  |  |
Deferred tax assets |  |  | 1,959 |  |  |  | 1,007 |  |  |  |  |
Deferred tax liabilities |  |  |  |  |  |  |  |  |  |  |  |
PRRT 4 |  |  |  |  |  |  |  |  |  |  |  |
Production and growth assets |  |  | 1,281 |  |  |  | - |  |  |  |  |
Augmentation for current year |  |  | (62 | ) |  |  | - |  |  |  |  |
Provisions |  |  | (743 | ) |  |  | - |  |  |  |  |
Other |  |  | 137 |  |  |  | - |  |  |  |  |
PRRT deferred tax liabilities |  |  | 613 |  |  |  | - |  |  |  |  |
Income tax |  |  |  |  |  |  |  |  |  |  |  |
Oil and gas properties |  |  | 2,857 |  |  |  | 1,520 |  |  |  |  |
Exploration and evaluation assets |  |  | 67 |  |  |  | 51 |  |  |  |  |
Lease assets and liabilities |  |  | (22 | ) |  |  | (38) |  |  |  |  |
Provisions |  |  | (1,280 | ) |  |  | (706) |  |  |  |  |
PRRT assets and liabilities |  |  | 347 |  |  |  | 303 |  |  |  |  |
Assets held for sale |  |  | - |  |  |  | (205) |  |  |  |  |
Derivatives |  |  | (36 | ) |  |  | (15) |  |  |  |  |
Other |  |  | (89 | ) |  |  | (32) |  |  |  |  |
Income tax deferred tax liabilities |  |  | 1,844 |  |  |  | 878 |  |  |  |  |
Deferred tax liabilities |  |  | 2,457 |  |  |  | 878 |  |  |  |  |
3 . | The Group was in a net income tax deferred tax l iability position in 2021.
4 . | The Group was in a net PRRT deferred tax asset position in 2021.

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