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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: WWS who wrote (68731)	6/24/2000 3:06:00 PM
From: Aggie	Respond to of 95453

WWS, Telemarker, hello I'm no tax accountant, so this is just my slightly informed opinion. Any company who produces O&G in the US pays taxes - in Texas they're called "ad valorem" taxes, if I recall correctly. These taxes are typically based on production and also on proven reserves (in the ground) - so you continue to pay even if not producing. Hence why so many so-called stripped wells have been irrevocably abandoned, rather than suspended. It's been a few years since I've operated in Texas or the states, so I'll open the floor to those with more up-to-date experience. Mr. Fant, care to comment? Our government is notoriously short sighted in these matters. I would imagine any multi-national or Canadian company who has production revenues in the 'states will come under scrutiny. As for taxing multinationals, well, even living and earning completely outside of the US has never stopped the government from demanding income taxes from their citizens, now has it? Any input from the more silver haired of our community on the windfall profits tax? Do any of you guys out there remember its general structure? Regards to all, Aggie