Taxes

Natural gas explorers that hope to tap into Quebec’s emerging Utica Shale and St. Lawrence River lowlands face more scrutiny going forward, Environment Minister Pierre Arcand said Monday.

Restructuring energy use in the United States to drastically cut greenhouse gas emissions through cap-and-trade systems or taxes on carbon dioxide will come at a high cost for the nation’s citizens, according to an analysis, “The Cost of Climate Regulation for American Households,” by two Clemson University economists.

Alaska’s three North Slope producers — BP, ExxonMobil and ConocoPhillips — hemmed and hawed about taxes and fiscal assurances under the state’s gasline framework, all but turning up their noses at the process. But industry watchers were pretty much counting on an application from pipeline giant MidAmerican Energy Holdings Co.

Alaska’s three North Slope producers — BP, ExxonMobil and ConocoPhillips — hemmed and hawed about taxes and fiscal assurances under the state’s gasline framework, all but turning up their noses at the process. But industry watchers were pretty much counting on an application from pipeline giant MidAmerican Energy Holdings Co.

ConocoPhillips CEO Jim Mulva cautioned Congress last week about imposing new taxes on oil and natural gas producers, which he said would discourage production in U.S. basins on- and offshore.

ConocoPhillips CEO Jim Mulva Thursday cautioned Congress about imposing new taxes on oil and natural gas producers, which he said would discourage production in U.S. basins on- and offshore.

In the final hours of their second special session Alaska lawmakers Thursday night passed the biggest rewrite of the state’s oil and gas taxes in decades, giving Gov. Frank Murkowski the tax on net profits that he wanted but with a higher rate. Revision of the state’s oil and gas tax regime is a crucial step to moving forward with plans for a $20 billion gas pipeline to bring Alaska gas to the Lower 48. However, the gasline still is far from certain.

Houston-based Southern Union Co. saw earnings before interest and taxes grow nearly 68% to $87.2 million for the quarter ended June 30, compared with $52 million in the year-ago period. Net earnings for the period were $16.3 million, 10 cents/diluted share, on operating revenues of $552.4 million, compared with $17.6 million, 12 cents/diluted share on operating revenues of $195.2 million in 2005.

Houston-based Southern Union Co. saw earnings before interest and taxes grow nearly 68% to $87.2 million for the quarter ended June 30, compared with $52 million in the year-ago period. Net earnings for the period were $16.3 million, 10 cents/diluted share, on operating revenues of $552.4 million, compared with $17.6 million, 12 cents/diluted share on operating revenues of $195.2 million in 2005.