who woulda thunk?

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Fraser921
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Joined: Mon Mar 22, 2021 11:48 am

who woulda thunk?

Post by Fraser921 »

U.S. oil and gas producer APA Corp (APA) on Thursday said it planned to drop a drilling rig in the North Sea as recent increases to tax rates have made its operations there less competitive.

Britain last year announced plans to boost windfall taxes on oil and gas companies following the industry's record-high profits, raising total taxes the sector pays to 75%, the highest in the world.

"Longer-term incremental dollars that we have alternatives to put in other places, you're going to see us make that decision just because there's more attractive places to put that," APA Chief Executive Officer John Christmann told investors.

Other North Sea drillers, including Shell and Equinor (EQNR), have warned they are re-evaluating investments following the sharp increase in taxes.

Dumb ass policies restrict supply
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