Global Tax Disclosures
In addition to the items discussed in our Global Tax Policy, ConocoPhillips provides tax disclosures to provide tax authorities and the public with information on the taxes paid by ConocoPhillips, as well as the tax governance, risk management and compliance strategies of the organization. Certain of these disclosures are discussed below.
Annual Report
Our Annual Report on Form 10-K, filed with the Securities and Exchange Commission, provides detailed information regarding our U.S. federal, state, and international income taxes and other tax related information for the years covered by the report, in accordance with U.S. generally accepted accounting principles.
Dodd Frank Extractive Industry Payment Disclosures
The U.S. Securities and Exchange Commission (SEC) rule, “Disclosure of Payments by Resource Extraction Issuers,” implements the requirements of Section 1504 of the Dodd-Frank Act requiring disclosure of payments to foreign governments or the U.S. federal government for the purpose of the commercial development of oil, natural gas or minerals. Included in the disclosure requirements are payments of taxes on corporate profits, corporate income and production, among other payment types. The disclosure will be furnished on an annual basis by September following each fiscal year end. Initial compliance is due in 2024, disclosing payments made during the fiscal year ending December 31, 2023.
FASB Income Tax Disclosures
The Financial Accounting Standards Board (FASB) governs the financial statement reporting of income tax disclosures in Accounting Standards Codification (ASC) 740. ConocoPhillips’ financial statements currently comply with all required disclosures.
The FASB issued an accounting standards update under ASC 740 to provide more detail in the financial statements. The update includes a requirement to disclose annually the amount of income taxes paid by jurisdiction, for all tax jurisdictions that make up 5% or more of total income taxes paid. The updated standard is effective for annual periods beginning after December 15, 2024 (i.e., 2025 forward for ConocoPhillips). ConocoPhillips will comply with all updated requirements as applicable.
Australia Tax Disclosures
In Australia, the Commissioner of Taxation has an obligation to annually publish selected income tax information for large taxpayers, including ConocoPhillips. Both Australia Pacific LNG PTY LTD (“APLNG”) and ConocoPhillips Australia Operations PTY LTD are included in such public disclosures, available on an Australian Government website.
Australia has also adopted a voluntary Tax Transparency Code (“TTC”), recommending certain tax disclosures for large businesses. The links to these disclosures are available on an Australian Government website. APLNG follows the recommended disclosures via an annual Tax Contribution and Transparency Report.
Lastly, we publish certain Australia-specific tax information on our website.
Canada Tax Disclosures
Canada’s Extractive Section Transparency Measures Act (“ESTMA”) requires disclosures of payments related to natural resource extraction, including taxes. In Canada, we file reports under ESTMA, which are made available to the public. The Canadian government consolidates all data from ESTMA filings on a Canadian government website, while the individual ConocoPhillips filing is available on the ConocoPhillips website.
Norway Tax Disclosures
Norway requires disclosure of payments to governments by certain entities involved in resource extraction. ConocoPhillips publishes a report complying with the Norwegian law on the company website.
U.K. Tax Disclosures
We publish, on an annual basis, a separate U.K. Tax Strategy which describes how we manage our U.K. tax affairs and associated stakeholder relations. This Strategy is prepared in accordance with the requirements of section 161 and Schedule 19 of the Finance Act 2016.
The U.K. requires disclosure of payments to governments by certain entities involved in resource extraction. ConocoPhillips filed a report in the U.K. prior to the divestment of the upstream business to Chrysaor in 2019. These reports are publicly available at the United Kingdom Companies House website.