From one pocket to another, it makes sense that the state would want to tap into this revenue since this is a primary industry in Alaska and the government had enabled them in so many ways to extract this oil. Infrastructure, , , ...
What bothers the hell out of me is the road blocks and the huge cost imposed by Washington. It is their state, they should get a say and the Feds should butt out.
We are witnessing the oil industry being partners in crime of robbing Alaska to feed the beast in Washington.
Only in the minds of PDSers like you, pissant. If the feds openned up ANWAR, the line of oil companies to drill there would extend half way to Texas.
But hey, cheer for those crony cr%pitalists who are in bed with the demscum. After all, they hate the right person: Palin.
/hurl
BTW, ping onyx. pissant is up to his/her (I really don’t know) standard PDS garbage.
The unraveling rages on.Exxon posted record profits while she was Governor troll.
I RETRACT ANYTHING NICE I HAVE EVER SAID, WROTE, POSTED, BLOGGED, THOUGHT OR CONSIDERED ABOUT YOU.
PissAnt ya crossed the line ... critical thinking isn’t your strongest suit, now you are a but a drummer for the PDS Parade.
First buy a clue, then a vowel if you have any points left buy a brain cell to keep the the one you already have company on those lonely lonely nights (it seems you just aren’t enough to keep it occupied)
TT
Sounds like they're talking out their arses. What state are they going to go to to drill for oil anyway?
Is it not amazing how this redistribution of wealth, ie, socialism, is not viewed as such by some republicans.
I assume that AK has a Legisture that enacted this law and that Palin did not put in place by decree. Also, from what I’m understanding is that the oil companies are not complaining about the tax law in totality but the tax rate on the extra profit part.
The only "unraveling" going on is in your head. What else do you expect the oil companies to do....ask for HIGHER taxes??
??? She imposed energy taxes?? Isnt that like Cap-and-Trade?
Despite tax increase, oil profits rise [Excerpt]
By Pat Forgey | JUNEAU EMPIRE
Alaska oil companies have seen their profits rise since Alaska imposed a big, and controversial, tax increase last year.
That’s not what either of the companies said would happen while they were opposing the tax, or even something that legislators who imposed the tax thought would happen.
Alaska’s Clear and Equitable Share Act was passed by the Legislature last fall at the request of Gov. Sarah Palin, who said the previous Petroleum Profits Tax was “tainted” by corruption. Some legislators are now serving federal prison time for their role in its passage.
The revelation of the increased profits comes in financial disclosures filed with the Securities and Exchange Commission by ConocoPhillips Co. and BP over the last several months and reviewed by the Empire.
Those two of the state’s big three oil companies released financial information specific to their Alaska operations.
The state’s third big oil producer, Exxon Mobil Corp., does not break out its Alaska operations, but is thought to be at least as profitable as its competitors. Exxon owns the largest share of Prudhoe Bay, the nation’s largest oil field.
Oil company representatives did not dispute the Empire’s analysis, but declined substantive comment.
The financial reports show that the companies have benefited greatly from soaring oil prices, prices that appear to have outstripped the tax increases for both companies.
“Clearly, oil prices are driving any kind of net income right now,” said Natalie Lowman, spokeswoman for ConocoPhillips.
Net income is the profit left after subtracting the cost of production, taxes and other expenses from total revenue.
BP’s total revenue from Alaska rose from $6 billion in 2006 to $6.6 billion in 2007.
For BP, that meant profits of nearly $2.5 billion in 2007, up more than a quarter billion dollars from $2.2 billion in 2006. The London-based company did not provide Alaska detail for the first quarter of 2008, but companywide profits and profits for the type of operations they conduct in Alaska both rose dramatically.
ConocoPhillips of Houston saw total revenue in Alaska rise from $6.5 billion in 2006 to $7.1 billion in 2007.
ConocoPhillips’ total Alaska profits in 2007 edged down less than $100 million in 2007 to $2.3 billion, but then edged up by more than that in the first quarter of 2008 for a total net gain since the tax increase took place.
The Department of Revenue’s Ian Laing, a special assistant to Commissioner Pat Galvin, said he was not surprised the companies were doing well along with the state.
“It’s important to realize that ACES was never intended to capture all of that excess profit, but to share in that increase,” he said.
Driving the state’s increased revenue, while allowing the company profits to remain high is the structure of the new tax. It is a production tax, calculated before profits are figured. That means some of the state’s increased production tax revenue comes at the expense of state and federal income taxes, which actually declined for both companies.
At the time the tax was being discusses, oil prices were at then-record levels in the $70-$80 per barrel range. Just recently they’ve hit new records in the $130-$140 per barrel range.
“The prices now are something that nobody I’ve been speaking with anticipated,” Laing said.
The ACES tax passed by a divided Legislature last fall by a 2-1 vote in both houses, despite opposition from several powerful legislators.
Among the legislative critics’ big concerns was that the new taxes would reduce investment in the state, a fear the oil companies tried to instill as well.
Since the passage of the ACES tax, however, investment appears to be up.
[More]
http://www.juneauempire.com/stories/072108/loc_307197582.shtml
Higher oil prices boost company’s profits from Alaska [Excerpt]
Anchorage Daily News/adn.com
Published: January 26th, 2011 09:53 PM
Last Modified: January 26th, 2011 09:53 PM
Conoco Phillips, the largest oil producer in Alaska, said its profits from Alaska last year totaled $1.735 billion. That compares with a $1.54 billion profit in Alaska in 2009.
Worldwide, the company posted an $11.4 billion profit last year.
The main reason for Conoco’s higher profit from Alaska was higher oil prices.
The company said its average price for Alaska oil last year was $78.61 a barrel, compared with $59.23 a barrel the year before.
[More]
http://www.adn.com/2011/01/26/1669725/higher-oil-prices-boost-companys.html
‘Making it unattractive to do business in Alaska?’ I’m sure there are far less-friendly places. Let me see...
I guess they’re better off having their assets seized doing business in places like Venzuela.
![](http://i1238.photobucket.com/albums/ff499/redmder/FR/SP45/SarahReadyToServe.jpg?t=1297831753";)
Pretty pathetic. Your handle suits you.