Post Tagged with: "taxes"

Source: Houston Chronicle

Texas oil & gas industry breaks tax records while grappling with climate change

Houston Chronicle


The oil & gas industry broke state tax records in 2019 while grappling with ways to control emissions that are believed to be responsible for climate change.

In a report issued on Tuesday morning, the Texas Oil & …

January 14, 2020 - 12:00 pm Closing Bell Story‎, Energy News, Renewable Energy
Source: The Society of Petroleum Engineers

New Tax Breaks Planned for Mexico’s Indebted Pemex

From Reuters


The Mexican government will propose an additional tax reduction for heavily indebted state oil company Pemex [PEMEXF.UL] in the nation’s 2020 budget, President Andres Manuel Lopez Obrador said Thursday, the latest measure to strengthen the company.

Lopez Obrador …

Big Oil is Investing Billions in Potentially Worthless Projects

Big Oil is Investing Billions in Potentially Worthless Projects

From Bloomberg Businessweek

By Mathew Carr


The top 10 energy companies are planning investments approaching $1 trillion by 2030, in everything from finding and tapping new fields to equipment ranging from drones to drilling rigs. If the oil and gas …

PetroQuest Energy Cuts Loss to $0.02 for Q4

PetroQuest Energy Cuts Loss to $0.02 for Q4

PetroQuest Energy, Inc. (ticker: PQ) reported a net loss to common stockholders for Q4 2017 of $389,000, or $(0.02 per) share. This compares to Q4 2016 net loss to common stockholders of $9,659,000, or $(0.46) per share.

For 2017, the …

Congress Renews Crude Oil Excise Tax

Congress Renews Crude Oil Excise Tax

Ryan, LLC, a global tax service and software provider, reported that the Bipartisan Budget Act of 2018 (passed on February 9, 2018) contained a number of tax extenders, including a one-year retroactive extension of the Energy Efficient Commercial Building Deduction.…

What’s Worth More to the State of Texas—Land or Oil?

What’s Worth More to the State of Texas—Land or Oil?

Land tax revenues increasing amid the oil downturn

Texas is one of the country’s preeminent wealth generators for both agriculture and oil and gas.

In fiscal 2016, the two industries contributed a combined $3.4 billion in tax revenues to the …

December 8, 2016 - 4:54 pm Closing Bell Story‎, Oil and Gas 360 Articles
Edge of the Wattenberg: Colorado: Weld County Just Created its Own Oil & Gas Department

BP Wins in Colorado Courts, but Questions Remain

Colorado Supreme Court decision changes tax burden of oil and gas companies

The Colorado Supreme Court found in favor of BP (ticker: BP) in a case that could have major tax ramifications for the state. The court unanimously sided with …

Alaska Looks to Plug the Fiscal Dam as Oil Prices Remain Low

Alaska Looks to Plug the Fiscal Dam as Oil Prices Remain Low

“This is a major paradigm shift in how the State of Alaska conducts business” – Governor Walker

Lower commodity prices have taken a major toll on states like Alaska that depend in large part on the revenue from selling oil …

Russia Decreasing Oil Export Duty by 9% Starting December

Russia Decreasing Oil Export Duty by 9% Starting December

The new export duty in Russia will be $88.40 per ton

The export duty on oil in Russia will decrease to $88.40 per ton starting December 1, Alexander Sakovich of the Russian Finance Ministry told TASS. The new export …

Pennsylvania Receives Less from Oil and Gas Tax Revenue than Texas, Alaska

Pennsylvania Receives Less from Oil and Gas Tax Revenue than Texas, Alaska

Via Philadelphia Business Journal

Pennsylvania gets smaller share of tax revenue from oil and gas extraction than Texas, Alaska

Less than 1 percent of Pennsylvania’s tax revenue comes from taxes and fees generated directly from the extraction of oil and …

August 24, 2015 - 1:41 pm Energy News
Texas Reduces Franchise Tax by 25%

Texas Reduces Franchise Tax by 25%

Governor Greg Abbott signs H.B. 32, further reducing tax burden for Texas businesses

Texas Governor Greg Abbott signed House Bill 32, the Franchise Tax Reduction Act of 2015, into law this month. The legislation permanently reduces the Texas Franchise Tax …

July 29, 2015 - 6:01 pm Oil and Gas 360 Articles
Market Conditions Force Legacy Industries, Brands to Get Creative, Find a Buyer, or Say Goodbye

Market Conditions Force Legacy Industries, Brands to Get Creative, Find a Buyer, or Say Goodbye

From entertainment to cell phones to oil and gas, companies are scrambling to revamp business strategies to align with changing market conditions

 

With oil prices half of what they were a year ago, energy CFOs on six continents are …

July 16, 2015 - 2:00 pm Feature Stories, Oil and Gas 360 Articles
Tax Revenues Falling Along with Oil Prices

Tax Revenues Falling Along with Oil Prices

States generating less income from oil and natural gas

The decline in oil prices in since June of last year has reduced oil and natural gas production tax revenues in some of the largest oil and natural gas production states, …

March 19, 2015 - 12:44 pm Oil and Gas 360 Articles
Ohio Oil & Gas Production Up Exponentially from 2013

Ohio Oil & Gas Production Up Exponentially from 2013

The Ohio Department of Natural Resources reported over a 200% increase in oil production, and more than a 350% increase in natural gas production, from 2013 to 2014.

The Ohio Department of Natural Resources (ODNR) last week released fourth quarter

Proposed Federal Budget Seeks to Eliminate $45.5 Billion in ‘Oil and NatGas Preferences’ Over the Next Decade

Proposed Federal Budget Seeks to Eliminate $45.5 Billion in ‘Oil and NatGas Preferences’ Over the Next Decade

Congressional Republicans have already called the proposed budget a political non-starter

President Obama released his proposed federal budget, asking Congress to eliminate billions of dollars in tax breaks to the oil and gas industry in order to fund a …

February 4, 2015 - 6:38 pm Oil and Gas 360 Articles, Politics & Opinions
China Raises Tax Threshold on Oil and Gas to Help Industry

China Raises Tax Threshold on Oil and Gas to Help Industry

China’s Ministry of Finance today announced that it will be raising the threshold for windfall taxes on oil and gas output starting January 1. The new threshold will be set at $65 a barrel, up $10 from $55 a barrel, …

December 29, 2014 - 4:50 pm International, Oil and Gas 360 Articles
Source: Royal Dutch Shell

Exxon Mobil joins British Columbia LNG Alliance

Multiple tax reductions target LNG investment

Exxon Mobil (ticker: XOM) announced last week that it will join an alliance of companies that is promoting the development of a liquefied natural gas industry in northern British Columbia, reported CBC News.…

November 25, 2014 - 4:54 pm Canada, Oil and Gas 360 Articles
Shell Wins Tax Battle in India

Shell Wins Tax Battle in India

Bombay High Court’s decision could make India more attractive to foreign companies

Royal Dutch Shell (ticker: RDS) has won its court case in India over a $2.5 billion lawsuit. The Indian tax authority tried to collect transfer pricing taxes on …

November 20, 2014 - 6:41 pm International, Oil and Gas 360 Articles
EU Customers Pay Double U.S. Rates for Electricity

EU Customers Pay Double U.S. Rates for Electricity

With their residential electricity prices climbing 43% from 2006 to 2013, European citizens are paying through the nose for electricity, especially when compared to U.S. residential electricity prices, which have climbed just 17% in the same time period.

Oil & Gas 360 Electricity Rates in Europe v. U.S.Average residential …

November 18, 2014 - 1:23 pm International, Oil and Gas 360 Articles, Regulatory