• Latest
  • Trending
  • All
  • News
  • BUSINESS
  • SCIENCE
  • LIFESTYLE
  • TECH

Big Oil sees positives in new climate bill; smaller firms brace for fees, taxes (NYSE:PXD)

August 11, 2022
Benson Hill Announces Preliminary Unaudited 2022 Results and … – Business Wire

Dynacor 2022: Reports Its 12th Consecutive Annual Profit, With a … – Business Wire

March 31, 2023
Benson Hill Announces Preliminary Unaudited 2022 Results and … – Business Wire

Columbia Care Opens Fifth Cannabist Dispensary in West Virginia – Business Wire

March 31, 2023
All 4 GEICO Nationals games decided on final possession

All 4 GEICO Nationals games decided on final possession

March 31, 2023
Jackie Gets Eaten (Exclusive Reaction Interview) – Hollywood Life

Jackie Gets Eaten (Exclusive Reaction Interview) – Hollywood Life

March 31, 2023
The Essential Educational Equipment For Today’s Classrooms

The Essential Educational Equipment For Today’s Classrooms

March 31, 2023
Virgo Monthly Horoscope – Free Virgo Horoscope for March 2023 From the AstroTwins

Virgo Monthly Horoscope – Free Virgo Horoscope for March 2023 From the AstroTwins

March 31, 2023
Easy Moo Goo Gai Pan Recipe

Easy Moo Goo Gai Pan Recipe

March 31, 2023
Opioids Cause Half of All Poisonings in U.S. Kids Age 5 and Younger

Fatal Drug ODs Among U.S. Seniors Have Quadrupled in 20 Years

March 31, 2023
The 10 Best Vietnam War Movies Are Tales of Surviving Hell

The 10 Best Vietnam War Movies Are Tales of Surviving Hell

March 31, 2023
Benson Hill Announces Preliminary Unaudited 2022 Results and … – Business Wire

The Week in Press Releases: 12 Stories You Need to See – PR Newswire

March 31, 2023
After shooting, Tennessee’s God and guns culture under fire as protests mount in Capitol

After shooting, Tennessee’s God and guns culture under fire as protests mount in Capitol

March 31, 2023
American Dream | Mall Update | April 2022

American Dream | Mall Update | April 2022

March 31, 2023
  • Home
  • News
    • PRESS RELEASE
  • Shop
  • BUSINESS
    • CRYPTO
    • ECONOMY
    • FINANCE
    • MARKET
    • MONEY
  • TECH
    • APPS
    • GADGET
    • MOBILE
    • SCIENCE
  • SOCIAL MEDIA
  • ENTERTAINMENT
    • ARTS & THEATER
    • GAMING
    • GAMBLING
    • MOVIE
    • MUSIC
    • SHOWS
    • SPORTS
  • LIFESTYLE
    • CELEBRITY
    • CULTURE
    • Education
    • FASHION
    • FOOD
    • HEALTH
    • HISTORY
    • Nature
    • Religion
    • Shopping
    • TRAVEL
  • REAL ESTATE
  • Blog
  • Classifieds
No Result
View All Result
No Result
View All Result
Home MARKET

Big Oil sees positives in new climate bill; smaller firms brace for fees, taxes (NYSE:PXD)

by Minnesota Digital News
August 11, 2022
in MARKET
0
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


Sunset Over Pumpjack Silhouette With Copy Space

ronniechua/iStock via Getty Images

Big Oil’s enthusiasm for the $437B climate and energy legislation that Congress is poised to pass is not shared by smaller and independent producers, which pump the vast majority of the oil and gas produced in the U.S., Bloomberg reported Wednesday.

While CEOs from the likes of Occidental Petroleum (OXY) and Exxon Mobil (XOM) have praised the bill, smaller producers see little in the legislation to like, said Dan Naatz, executive VP at the Independent Petroleum Association of America.

The bill will “reduce investment,” and cause “long-lasting changes to the industry and long-lasting changes to the ability of our guys to get out there,” Naatz told Bloomberg.

Occidental (OXY) and Exxon (XOM) are among the large oil companies that may benefit from the bill’s expansion of tax credits for capturing and storing carbon emissions from their industrial operations; both are planning major carbon capture projects, and the legislation would provide a higher credit of as much as $180/ton for their projects and give them more time to claim the incentive.

Most of those credits will be out of reach for smaller oil companies whose businesses are concentrated on crude production and lack refining arms or renewable investments.

Instead, they are bracing for a raft of new fees and taxes that take aim at fossil fuels, including penalties on leaking methane and much higher payments for drilling on federal land.

The ultimate impact of the climate bill on the ~15K small oil and gas explorers in the U.S. could be fewer wells being drilled in the future, Pioneer Natural Resources (NYSE:PXD) CEO Scott Sheffield told Bloomberg.

The legislation – particularly the proposed new minimum tax on corporations and fees for methane emissions – will impose more “pressure on that small mom-and-pop independent,” Sheffield said. “It may put a lot of them out of business.”

ETFs: (NYSEARCA:XLE), (NYSEARCA:XOP), (VDE), (OIH), (IEO), (DRIP), (CRAK)

Sheffield also said recently that rising demand and tight supply likely will keep U.S. WTI crude oil prices averaging $100/bbl or more for the next five years.



Source link

Share196Tweet123Share49
Minnesota Digital News

Minnesota Digital News

Saint Paul
◉
36°
Rain Shower
6:54 am7:38 pm CDT
Feels like: 27°F
Wind: 10mph ENE
Humidity: 92%
Pressure: 29.57"Hg
UV index: 0
SatSunMonTue
37/23°F
48/30°F
45/32°F
41/34°F
Weather forecast Saint Paul, Minnesota ▸
Benson Hill Announces Preliminary Unaudited 2022 Results and … – Business Wire
PRESS RELEASE

Dynacor 2022: Reports Its 12th Consecutive Annual Profit, With a … – Business Wire

by Minnesota Digital News
March 31, 2023
Benson Hill Announces Preliminary Unaudited 2022 Results and … – Business Wire
PRESS RELEASE

Columbia Care Opens Fifth Cannabist Dispensary in West Virginia – Business Wire

by Minnesota Digital News
March 31, 2023
All 4 GEICO Nationals games decided on final possession
SPORTS

All 4 GEICO Nationals games decided on final possession

by Minnesota Digital News
March 31, 2023
Jackie Gets Eaten (Exclusive Reaction Interview) – Hollywood Life
CELEBRITY

Jackie Gets Eaten (Exclusive Reaction Interview) – Hollywood Life

by Minnesota Digital News
March 31, 2023
The Essential Educational Equipment For Today’s Classrooms
Education

The Essential Educational Equipment For Today’s Classrooms

by Minnesota Digital News
March 31, 2023
Virgo Monthly Horoscope – Free Virgo Horoscope for March 2023 From the AstroTwins
FASHION

Virgo Monthly Horoscope – Free Virgo Horoscope for March 2023 From the AstroTwins

by Minnesota Digital News
March 31, 2023
Easy Moo Goo Gai Pan Recipe
FOOD

Easy Moo Goo Gai Pan Recipe

by Minnesota Digital News
March 31, 2023
Opioids Cause Half of All Poisonings in U.S. Kids Age 5 and Younger
HEALTH

Fatal Drug ODs Among U.S. Seniors Have Quadrupled in 20 Years

by Minnesota Digital News
March 31, 2023
The 10 Best Vietnam War Movies Are Tales of Surviving Hell
HISTORY

The 10 Best Vietnam War Movies Are Tales of Surviving Hell

by Minnesota Digital News
March 31, 2023
Benson Hill Announces Preliminary Unaudited 2022 Results and … – Business Wire
PRESS RELEASE

The Week in Press Releases: 12 Stories You Need to See – PR Newswire

by Minnesota Digital News
March 31, 2023
After shooting, Tennessee’s God and guns culture under fire as protests mount in Capitol
Religion

After shooting, Tennessee’s God and guns culture under fire as protests mount in Capitol

by Minnesota Digital News
March 31, 2023
American Dream | Mall Update | April 2022
Shopping

American Dream | Mall Update | April 2022

by Minnesota Digital News
March 31, 2023
Trump indictment: Stormy Daniels says merch sales up
BUSINESS

Trump indictment: Stormy Daniels says merch sales up

by Minnesota Digital News
March 31, 2023
E3 isn’t coming back – The Verge
TECH

E3 isn’t coming back – The Verge

by Minnesota Digital News
March 31, 2023
Jazz Jennings & Gabe Paboga Share How it Feels to be Transgender on TV
ENTERTAINMENT

Jazz Jennings & Gabe Paboga Share How it Feels to be Transgender on TV

by Minnesota Digital News
March 31, 2023
The Fed Starts Playing “Mind Games” as Rates Rise, Home Prices Fall
REAL ESTATE

The Fed Starts Playing “Mind Games” as Rates Rise, Home Prices Fall

by Minnesota Digital News
March 31, 2023
How To Talk About The Economy With Your Real Estate Clients
SCIENCE

How To Talk About The Economy With Your Real Estate Clients

by Minnesota Digital News
March 31, 2023
Sony WF-C700 TWS earphones leak, WH-1000XM5 blue version also surfaces
MOBILE

Sony WF-C700 TWS earphones leak, WH-1000XM5 blue version also surfaces

by Minnesota Digital News
March 31, 2023
Amazon’s World Backup Day sale takes up to 67 percent off SSDs, memory and more
GADGET

Amazon’s World Backup Day sale takes up to 67 percent off SSDs, memory and more

by Minnesota Digital News
March 31, 2023
Minnesota Digital News

Copyright © 2023 Minnesota Digital News

Navigate Site

  • Disclaimer
  • Privacy Policy
  • Copyright Notice
  • Anti Spam Policy
  • Medical Disclaimer
  • DMCA Compliance
  • Terms and Conditions
  • Social Media Disclaimer
  • Amazon Affiliate disclaimer

Follow Us

No Result
View All Result
  • Home
  • News
    • PRESS RELEASE
  • Shop
  • BUSINESS
    • CRYPTO
    • ECONOMY
    • FINANCE
    • MARKET
    • MONEY
  • TECH
    • APPS
    • GADGET
    • MOBILE
    • SCIENCE
  • SOCIAL MEDIA
  • ENTERTAINMENT
    • ARTS & THEATER
    • GAMING
    • GAMBLING
    • MOVIE
    • MUSIC
    • SHOWS
    • SPORTS
  • LIFESTYLE
    • CELEBRITY
    • CULTURE
    • Education
    • FASHION
    • FOOD
    • HEALTH
    • HISTORY
    • Nature
    • Religion
    • Shopping
    • TRAVEL
  • REAL ESTATE
  • Blog
  • Classifieds

Copyright © 2023 Minnesota Digital News