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Taxes (Tables)

12 Months Ended

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.