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Posted: Mon Feb 24, 2014 1:03 pm
Market Chatter: Energy Companies Shrug Off Barron's Tax Break Loss Story, Move Higher 02/24 11:56 AM
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12:56 PM EST, 02/24/2014 (MT Newswires) -- Four U.S. oil & gas exploration companies shrugged off a Barron's piece suggesting they could suffer if their bonus depreciation tax break is not renewed.
The four companies, Chesapeake Energy (CHK:$27.30,00$0.73,002.75%) , Pioneer Natural Resources (PXD:$195.73,00$8.65,004.62%) , Range Resources (RRC:$88.835,0$3.165,03.69%) and QEP Resources (QEP:$32.82,00$1.16,003.66%) could see a "significant percentage cash-flow drop" if the break is not extended, Barron's reported.
The bonus depreciation tax break, which allows companies to accelerate their depreciation expenses, expired last year. ISI Group analyst David Zion told Barron's loss of the tax break could mean the four companies could see their cash-flow drop by amounts ranging from 37% to 49%.
In mid-day trading, CHK was up 2.67% to $27.28, PXD climbed 4.71% to $195.89, RRC was up 3.08% to $88.31; and QEP rose 3.89% to $32.89.
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12:56 PM EST, 02/24/2014 (MT Newswires) -- Four U.S. oil & gas exploration companies shrugged off a Barron's piece suggesting they could suffer if their bonus depreciation tax break is not renewed.
The four companies, Chesapeake Energy (CHK:$27.30,00$0.73,002.75%) , Pioneer Natural Resources (PXD:$195.73,00$8.65,004.62%) , Range Resources (RRC:$88.835,0$3.165,03.69%) and QEP Resources (QEP:$32.82,00$1.16,003.66%) could see a "significant percentage cash-flow drop" if the break is not extended, Barron's reported.
The bonus depreciation tax break, which allows companies to accelerate their depreciation expenses, expired last year. ISI Group analyst David Zion told Barron's loss of the tax break could mean the four companies could see their cash-flow drop by amounts ranging from 37% to 49%.
In mid-day trading, CHK was up 2.67% to $27.28, PXD climbed 4.71% to $195.89, RRC was up 3.08% to $88.31; and QEP rose 3.89% to $32.89.