Exempt

Early indications point to natural gas development having a positive impact on state tax collections in counties in Pennsylvania’s Marcellus Shale region, according to an analysis by Pennsylvania State University researchers.

A district court judge in Texas has reversed his earlier ruling that oil and natural gas equipment used “below ground” should be exempt from state sales taxes on extraction equipment.

A district court judge in Texas has ruled that oil and natural gas production equipment used “below ground,” i.e. extraction equipment, is exempt from state sales taxes.

A district court judge in Texas has ruled that oil and natural gas production equipment used “below ground,” i.e. extraction equipment, is exempt from state sales taxes.

A district court judge in Texas has ruled that oil and natural gas production equipment used “below ground” is exempt from state sales taxes on extraction equipment.

An initiative to tax the horizontal segments of natural gas wells was stopped in its tracks by Louisiana House and Senate committees Monday when lawmakers refused to go along with the idea promoted by the Louisiana Tax Commission.

The financing arm of the municipal electric utility in Roseville, CA, received a negative outlook from Standard & Poor’s Ratings Services (S&P) on a $209.35 million tax-exempt bond to finance a 20-year, 46 Bcf natural gas pre-pay deal with Merrill Lynch & Co. because of recent financial disclosures by Merrill. S&P also gave an “AA-” rating to Roseville Natural Gas Financing Authority, the fuel financing unit of the muni in Roseville, a suburb east of Sacramento. S&P said the rating reflects a recent outlook revision for Merrill Lynch & Co. Inc., which provides guarantees to the financing authority’s gas supplier and interest rate swap counterparty. The outlook downgrade followed Merrill’s announcement that it expects to record a material loss in the third quarter caused by a more significant exposure to leveraged loan commitments, subprime mortgages, etc. S&P’s previous outlook assumed less exposure for Merrill. The Roseville gas financing arm is a state-chartered joint powers authority and a nonprofit public financing entity in California. The public financing arm used the proceeds from the $209.35 million to fund prepayment for a long-term gas supply deal from Merrill Lynch Commodities Inc. The gas is set for Roseville’s electric power generation system, priced at a first-of-the-month index from the Pacific Gas and Electric Co. citygate delivery point, minus a specific discount, according to S&P.

The financing arm of the municipal electric utility in Roseville, CA, received a negative outlook from Standard & Poor’s Ratings Services (S&P) on a $209.35 million tax-exempt bond to finance a 20-year, 46 Bcf natural gas pre-pay deal with Merrill Lynch & Co. because of recent financial disclosures by Merrill. S&P also gave an “AA-” rating to Roseville Natural Gas Financing Authority, the fuel financing unit of the muni in Roseville, a suburb east of Sacramento. S&P said the rating reflects a recent outlook revision for Merrill Lynch & Co. Inc., which provides guarantees to the financing authority’s gas supplier and interest rate swap counterparty. The outlook downgrade followed Merrill’s announcement that it expects to record a material loss in the third quarter caused by a more significant exposure to leveraged loan commitments, subprime mortgages, etc. S&P’s previous outlook assumed less exposure for Merrill. The Roseville gas financing arm is a state-chartered joint powers authority and a nonprofit public financing entity in California. The public financing arm used the proceeds from the $209.35 million to fund prepayment for a long-term gas supply deal from Merrill Lynch Commodities Inc. The gas is set for Roseville’s electric power generation system, priced at a first-of-the-month index from the Pacific Gas and Electric Co. citygate delivery point, minus a specific discount, according to S&P.

A consumer advocacy group and environmental organization last Monday urged FERC to deny a request by Dominion Cove Point LNG to exempt a 800 MMcf/d sendout capacity expansion of the company’s liquefied natural gas (LNG) terminal in eastern Maryland from the agency’s open-season and cost-of-service regulations.