Get The Tax Facts

The American economy is on the rebound following COVID-19 headwinds, but that could change should lawmakers continue pushing tax hikes on the very businesses hiring workers and supporting our economic recovery. With recent proposals to raises taxes on our industry currently circulating in Congress, it is important members of the Chevron Advocacy Network are up to date on how this could impact Chevron, our industry and our economic future.

Allowing the federal government to pick winners and losers could weaken our economy, hurt America’s ability to produce energy and costs jobs. If we discriminate against the energy industry the results could be devastating. Let’s not risk our economic recovery with bad tax policy right as the country is finally turning the corner.

Facts to know about the current tax code:

Chevron does not receive special tax treatment. The tax code is applied equally across industries.
Tax deductions are not subsidies. They are provisions in the tax code used by all sectors of the U.S. economy. It ensures a company like ours is only taxed on real income and allows us to continue creating jobs, invest in new technology and strengthen the economy.
Smart tax policies helped make the U.S. energy revolution possible. By encouraging continued investment our industry is bolstering our national security, supporting 10.3 million jobs and helping local and state economies grow. We need to continue this investment as we make a transition to ever-cleaner energy.

Energy producing states already impose taxes or collection fees including:

The Texas natural gas and oil industry paid more than 16.3 billion in state taxes and royalties in 2019. Chevron has contributed more than $4.5 billion to local suppliers in the state.
California natural gas and oil extraction, production, refining and manufacturing generated more than $152 billion in the state’s total economic output in 2017, in addition to Chevron’s $2.2+ billion contribution towards local California suppliers.
Colorado’s state and local governments receive approximately $1 billion annually from natural gas and oil activity. Chevron has contributed more than $272 million to local suppliers in the state.
For more facts on how Chevron invests in your state, we encourage you to visit Chevron’s Investment in America website.

What you can do:

As policymakers on Capitol Hill currently weigh different tax reform policies, we will look to you to help advocate for commonsense policies that foster new business investments and enable our industry to grow, while at the same time making meaningful contributions to the American economy.

You’ll be hearing more from us in the coming weeks on ways you can get involved and take action against imposing harmful, duplicative taxes on our industry – so be on the lookout for our next email which will provide an opportunity for you to contact your legislators!