Bloomberg Businessweek: "Chesapeake's 1% Tax Rate Shows Cost of Drilling Subsidy" 7/2/2012

"...Chesapeake paid $53 million over its 23-year history, or about 1 percent of the cumulative pretax profits during that period, data compiled by Bloomberg show. That's less than half of Chief Executive Officer Aubrey McClendon's compensation, for example, in 2008 alone..."

http://www.businessweek.com/news/2012-07-02/cheaspeake-s-1-percent-... ~ written by Zachary Mider, Bradley Olson, Jesse Drucker, and Todd White ~ July 2, 2012

WOW!  

"Defer Taxes Forever..."

And they're $20 Billion in debt????

IMO, These O&G Producers (probably many other O&G Producers besides CHK) double dip revenues to avoid the Tax Man...

Forever...

My "next" life I wish to be a U.S. O&G Producer...  LOL

DrWAVeSport Cd1 7/2/2012

 

 

Tags: chesapeake, drilling, rate, subsidy, tax

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Oil & Gas ProPermalink Reply by Terry L. Antee on July 5, 2012 at 10:13

Good point Checkmateking, the government allows these tax incentives and then when they want to take them away they act as if the one getting the incentives are crooks.

Permalink Reply by DrWAVeSport Cd1 on July 5, 2012 at 10:22

Looks like the "government" would applaud CHK then, instead of investigating them @ SEC, IRS, DOJ...  LOL

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