Taxes

AK Lawmakers Approve New Tax as Special Session Ends

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.

August 22, 2006

Transportation and Storage Boost Southern Union Earnings

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.

August 14, 2006

Southern Union Grows Earnings on Transportation and Storage

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.

August 8, 2006

AK Senate Again Approves Profits Tax

Alaska’s Senate voted 15-4 Monday night to rewrite the state’s production taxes on oil and natural gas. It was the second time this year that the Senate has approved a rewrite, and the vote was the first of a legislative special session, which began May 10 (see Daily GPI, May 22).

May 24, 2006

AK Lawmakers Returning to Production Tax Bill

Alaska Gov. Frank Murkowski has put a revamp of the state’s oil and gas production taxes back on the plate of lawmakers, currently in special session to consider a fiscal contract with a trio of major producers for the development of the Alaska Natural Gas Pipeline.

May 22, 2006

BP’s Quarterly Profit Stumbles, U.S. Gas Output Down

Residual impacts from last year’s Gulf of Mexico hurricanes, higher taxes and a prolonged Texas refinery shutdown sent BP plc’s 1Q2006 net profit down 15% from a year ago, despite higher commodity prices. The London-based major posted a net profit of $5.63 billion, compared with $6.602 billion in 1Q2005.

April 26, 2006

EnCana Closes $2B Gulf Sale to Statoil

EnCana closed its $2 billion sale of Gulf of Mexico assets to Statoil, netting $1.45 billion after taxes and other adjustments, the company said Thursday, noting that its total investment in the assets was only $540 million. EnCana said its previously-announced divestiture of its Ecuador assets and select conventional producing properties in Western Canada should go through later this year.

May 27, 2005

House Opts Not to Follow Senate, Excludes Key Energy Taxes from Corporate Tax Bill

With the exception of three energy-related tax provisions, House Ways and Means Committee Chairman Bill Thomas (R-CA) has decided to largely forego piggybacking a package of energy tax breaks and incentives to the House version of the corporate tax cut bill (HR 4520).

June 14, 2004

House Opts Not to Follow Senate, Excludes Key Energy Taxes from Corporate Tax Bill

With the exception of three energy-related tax provisions, House Ways and Means Committee Chairman Bill Thomas (R-CA) has decided to largely forego piggybacking a package of energy tax breaks and incentives to the House version of the corporate tax cut bill (HR 4520).

June 8, 2004

Spats over Taxes, Electricity and Ethanol Could Hold Up Vote on Energy Conference Report

Top House-Senate Republican negotiators are shooting to have a conference committee vote on the final report for a broad energy bill by Friday, but they acknowledge that this might not occur if negotiations over the multi-billion tax title of the measure are not completed, and internal GOP differences over the electricity and ethanol provisions are not resolved by then.

September 30, 2003