Canada’s natural gas, oil and coal mining corporations have reduced exploration and development expenses since 2014 because of economic factors and policy changes, which in turn has cut into annual federal tax revenue, the country’s government watchdog said in a new report. The Parliamentary Budget Officer (PBO), similar to the U.S. Government Accountability Office, reviewed…
Articles from Revenue
Federal, American-Indian Owned Lands, Offshore Revenues Up 31% in 2019, DOI Says
The Department of Interior (DOI) said last Thursday it disbursed $11.69 billion in fiscal year (FY) 2019 from energy production revenue collected on federal and American Indian-owned lands and offshore areas, a $2.76 billion (31%) increase compared with FY2018.
New Mexico Revenue Nearing Record Level on Booming Oil, NatGas Production
New Mexico’s revenue collections through the first 10 months of fiscal year (FY) 2019 are $273.5 million above forecast, according to the Legislative Finance Committee, which attributed the windfall to booming oil and gas production and strong tax receipts.
NOV Facing Challenges in ‘Generational Oilfield Downturn,’ Says CEO
Houston-based oilfield services operator National Oilwell Varco Inc. (NOV) reported growth in its international and offshore businesses during the second quarter, but the North American land market suffered as producers slashed spending.
Halliburton Cuts 1Q Outlook on Equipment Oversupply in North America
The No. 1 completions expert in North America, Halliburton Co., said pricing pressure is likely to continue through the first quarter because of an overabundance of onshore fracturing equipment following the sharp decline in oil prices late last year.
Pennsylvania Severance Tax Likely Offset by State Corporate Tax Cut, Says Analysis
Pennsylvania Gov. Tom Wolf’s latest proposal to implement a severance tax on natural gas production could generate more than $200 million annually in revenue over the next five years, according to an analysis of the 2018-2019 executive budget by the state’s Independent Fiscal Office (IFO).
Oklahoma Sees Increased Revenue From Oil, Gas Production
Oklahoma took in $1 billion in gross receipts in December, a 12% increase for the month that was fueled in part by a nearly 43% increase in taxes levied on gross oil and natural gas production, said State Treasurer Ken Miller.
NOV Sees Opportunities Even With Flattish Growth in Drilling Activity
Despite the recent pullback in the U.S. rig count and the uncertainty in the 2018 outlook, drilling technology expert National Oilwell Varco Inc. (NOV) sees opportunities to help the industry retool and innovate as it navigates a $50/bbl world.
Uncertainty on E&P Plans, Pricing Casting ‘Pall’ Over Industry, Says Superior CEO
Houston-based Superior Energy Services Inc., which makes its mark in the U.S. onshore with its pressure pumping services and specialized drilling, said a lack of direction regarding overall spending plans by producers and “supply chain stress” have created some uncertainty about the outlook for 2018.
Majority Leader Says Pennsylvania House Considering NatGas Severance Tax
A severance tax on unconventional natural gas production could be part of a final package to fund Pennsylvania’s state budget, said House Majority Leader Dave Reed (R-Indiana County), but not if that package also includes gross receipts taxes for gas, electric and telephone utility customers.