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flag Senators demand Exxon clarify if Guyana payments count as taxes, warning of a $71.5B tax loophole.

flag U.S. flag Senators Sheldon Whitehouse, Chris Van Hollen, and Jeff Merkley are urging ExxonMobil CEO Darren Woods to clarify whether payments to Guyana under the Stabroek Block agreement qualify as taxes for U.S. foreign tax credit purposes, raising concerns that the company may be using a loophole to reduce its U.S. tax bill. flag The senators argue that payments for oil extraction rights are not true taxes and should not count toward tax credits, potentially costing U.S. taxpayers $71.5 billion over ten years. flag They highlight Exxon’s partnership with China’s CNOOC, its $40 billion investment, and the ongoing cost recovery phase, which delays Guyana’s full profit share. flag The senators call for transparency and reform, citing broader fossil fuel subsidies and recent tax breaks benefiting oil firms.

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