Calls are growing for the federal government to impose a 25 per cent tax on gas exports in the May budget as leaders from Woodside and Chevron faced a Greens-led Senate hearing in Perth on Friday.
The energy giants have defended the petroleum resource rent tax regime from mounting criticism it raises little revenue.
The inquiry heard on Friday that Woodside pocketed $US4.8 billion ($A6.7 billion) in revenue from gas in 2025, with 27 per cent kept for domestic use.
About 80 per cent of the Perth-based company's $471 million annual contribution in PRRT was from gas.
Woodside chief financial officer and executive vice-president Graham Tiver told the hearing Australia's tax system for gas should not be touched.
"Short-term tax increases and ad hoc changes risk deterring investment, reducing domestic supply over time and ultimately diminishing rather than increasing long-term government revenue while also weakening Australia's energy security," he said.
Chair Steph Hodgins-May locked horns with Woodside heads for cherry-picking causes to bolster its social licence, citing sponsorships for WA Nippers and the Fremantle Football Club.
"The Uber drivers and the taxi drivers I've been with say we deserve that money as Western Australians not just because we're a member of a particular club," the Greens senator said.
In response, Mr Tiver said the company paid 44c in tax for every dollar of profit in 2025 and was "giving a fair share to the Australian people".
American multinational Chevron paid no PRRT over the eight years to 2023/24, the inquiry heard.
Chevron Australia's general manager of finance Maggie McCourt blamed its projects being in the construction or early production phases through most of the 2010s.
The oil and gas giant expects to pay $800 million in PRRT by the end of 2027 following a move to sustained production and 2024 tax assessment changes.
"Chevron agrees we should pay our fair share of tax and we do," Ms McCourt said.
Woodside and Chevron have contributed to a multimillion-dollar advertising campaign, led by Australian Energy Producers, to fight against a new gas export tax.
Under questioning from senator David Pocock, the peak body's chief executive Samantha McCulloch said the sector was determined to set the record straight.
"There is so much misinformation out there and a very well funded and co-ordinated campaign that is frankly peddling lies about the industry's economic contribution," she said.
Resources Minister Madeleine King earlier gave her strongest public indication a tax was not on the table, echoing Prime Minister Anthony Albanese's words of support for the industry.
"In relation to gas, we know there's no change in our position on the taxation of that commodity," she told ABC Radio on Friday morning.
"It's only in the universe of the Greens party and their friends that they can say that spending hundreds of billions of dollars across the country could be considered in any way free."
Ms King said taxes for the resource were already in place, such as for offshore gas reserves.
Opposition resources spokeswoman Susan McDonald said calls made during the inquiry to implement the tax were misguided.
Rather than increasing tax on gas companies, the economy would receive extra revenue if more gas reserves were opened up, she said.
"Once the gas starts flowing, the tax take starts to shoot upwards," Senator McDonald said.
The PRRT system was designed to raise more tax income once projects matured and became more profitable, Japanese-owned oil and gas company INPEX said.
Still, independent MP Allegra Spender described the system as faulty and said a 25 per cent tax on gas exports would help fix issues in the sector.
"There is very little payment for the actual resource that is being sold," she said.
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