The Exchequer statement records that €2.603 was paid to Marathon Petroleum (now PSE Kinsale Marathon’s operations in the Kinsale field were taken over by Petronas, the Malaysian state-owned petroleum concern, in 2009 and renamed PSE Kinsale.) in the first half of 2012. Article X of a 1959 Agreement with Marathon Petroleum provides that the company is entitled to a remittance of the amount by which the total of tax and royalty paid in any accounting period exceeds 40% of the "net income" as defined in that Article. The level of the remittance is restricted to the lesser of the following two amounts:
- An amount equal to the excess of the total of tax and royalty over the said 40% of "net income", or
- An amount equal to the taxes paid on income and profits.