Upstream
This business unit encompasses a capital-intensive activity in which most of the taxes we pay are linked to crude oil production. We paid a total of €2.189 billion in 2023.
Tax contribution
In 2023, we paid €41 million in taxes every day.
Our Company's tax contribution by country
Taxes paid by each business unit
In our business model, the investment cycle stage and performance of the activity determines a large part of our taxes paid.
The taxes paid by each business unit in 2023 are as follows:
Upstream
This business unit encompasses a capital-intensive activity in which most of the taxes we pay are linked to crude oil production. We paid a total of €2.189 billion in 2023.
Industrial
In industrial, €10.431 billion was paid in 2023, particularly including a tax on hydrocarbons, VAT, and corporation tax.
Client
In this segment, €1.620 billion was paid in 2023, particularly including a tax on hydrocarbons, VAT, and corporation tax.
Corporation
This involves providing the necessary services for every business unit throughout the entire value chain. We paid €587 million in taxes in 2023 for our corporate area.
Low-carbon generation
One of our pillars in the strategy to be net zero emissions by 2050. Its tax contribution in the period rose to €283 million, with VAT, municipal taxes, excise taxes, and corporation tax being particularly significant.
Applying transparent and general tax breaks
We promote a tax framework that stimulates the energy transition by granting incentives in a context of technological neutrality, available to all taxpayers on equal terms and without limitations that hinder the development of certain alternatives in favor of others.
Our principles of action
Effective management
of the tax costs and benefits and applying the tax incentives and benefits available.
Tax planning
based on reasonable interpretations of applicable law aligned with its economic activity, avoiding an abusive or fraudulent result.
Effective defense
of the Company's positions in the event of disputes and conflicts with the administration regarding the interpretation and application of tax regulations.
See previous Tax Contribution Reports