1st Quarter, 2010
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1st Quarter, 2010 |
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Year in Review
By Joe Blice, CPA, Audit PartnerAs we begin 2010, it’s a good time to review the outlook for the oil and gas industry. With the many proposals for “change” this year, the industry may feel it is under attack from the federal government. In addition to this unsettled environment, the industry has also experienced an unsettled economic ride during the past year due to fluctuating oil and gas prices. Read more >>> Industry Goes on the Defense
By Susie Kuntz, CPA, Audit ManagerThe oil and gas industry’s mobilization against 2009 initiatives affecting our industry appears to be well under way. Several oil and gas associations have generated grass-roots responses in the form of letters, statements, and advertisements from producers across the nation. Read more >>> Supreme Court Declines Oil Royalties Case
By Shuja Akram, CPA, Tax ManagerThe U.S. Supreme Court recently declined to hear the federal government’s appeal of a tax law provision that could cost taxpayers at least $19 billion in royalties on drilling leases in the Gulf of Mexico. The U.S. Justice Department had appealed a ruling by the 5th Circuit Court of Appeals in New Orleans that the Interior Department could not collect royalties from Anadarko Petroleum Corp. The court rejected the government’s petition for a hearing without comment. Read more >>> Interior Department Actively Takes Position
By Todd Gress, Director of Oil and Gas TaxationLast year, the President appointed Ken Salazar of Colorado to be Secretary of the Department of the Interior. Following brief hearings, Mr. Salazar was unanimously confirmed in that position January 20, 2009. Read more >>> |
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Happy New Year! Last year brought many developments to the oil and gas industry, a trend that is sure to continue in 2010. We begin our first issue of the new year with a review of 2009, including a review of some of the positions that the Interior Department has taken that impact our industry. We examine the defense that the industry has built in response to some of 2009’s changes, and finally, we look at a Supreme Court decision to decline hearing the federal government’s appeal of a tax law provision relating to royalties on drilling leases in the Gulf of Mexico.