Canadian Natural’s Chief Financial Officer, Corey Bieber, continued, “The Company has proactively reduced its development programs in the context of lower commodity prices and lower cash flow. Liquidity remains strong at $3.3 billion. During the second quarter, absent the impact of the $579 million charge due to the 20% increase in Alberta corporate income tax rates, our earnings would have been $174 million. This charge effectively translates into lower future cash flows and therefore, lowers reinvestment in the business. Based upon third party research, this lower future capital reinvestment likely equates to about 4,100 fewer person years of direct, indirect and induced employment, with follow-on impact of higher income taxes on future income streams.
Anybody got a calculator handy?
What’s that in dog years?
Bluerose country
anybody ever heard of this ?
http://www.festivalwestern.com/en/
The Dipper Party is loaded with far smarter people than industry. That is basic
Economics 101. Universities across Canada will be emptying their ‘think tanks’ for jobs in the AB provincial government. Of course that is post Federal election so that that
Malclair and compatriots can also take their rightful spot.
Just more proof (as if you needed any) of Lew Rockwell’s view on socialism:
“Anything other than free enterprise always means a society of compulsion and lower living standards, and any form of socialism strictly enforced means dictatorship and the total state. That this statement is still widely disputed only illustrates the degree to which malignant fantasy can capture the imagination of intellectuals.”
You think it’s bad now, just wait until Mulcair or Trudeau becomes PM. Then we’ll have this kind of job-destroying voodoo on a national scale. What the hell, it’s been working so well in Ontario.
Albertans stand today at a crossroads: One path leads to economic despair and utter hopelessness. The other leads to total debt slavery. Let us hope they have the wisdom to make the right choice.
The net loss in Q2/15 was primarily a result of the 20% increase in the
Alberta
provincial corporate income tax rate from 10% to 12%, increasing Canadian Natural’s deferred income tax liability
by $579 million.
Albertans MUST acquire an OIL SANDS REFINERY IN ALBERTA AND PIPE THE OIL EAST…………….!!
And ship the oil to GREAT BRITAIN & EUROPE by TANKERS TO FOIL THE RUSSIAN BASTARD PUTIN.
The lowered capital investment of 4100 person-years translates out to about $120 million in lost federal and provincial tax revenue. That’s 4100 jobs per year of people NOT being employed and paying taxes. Incurred each year, this means Alberta is getting its additional corporate tax revenue at a cost of about $70 million loss to the feds and $50 million lost tax revenue to the province annually. Since Canadian Natural won’t be having this kind of net profit again, the provincial government won’t be getting its $579 million annually either.
This is how you slag down a province’s economy. It’s an interesting question as to why Alberta would head down the road that Saskatchewan followed for the better part of three decades.
http://www.therebel.media/canadian_oil_sands_loses_128m
Paraphrasing PM Thatcher, Socialists would raaaather have the poor get poorer than the rich get richer. Alberta’s dour-faced socialists have taken over from the happy-faced socialists and the province has much more equally-shared misery in front of it. Envy, hatred and resentment are not a great foundation of society but socialism is based on it and it always sells once reason has been driven out.
Is it too soon to refer to Red Rose Country as “Albertzuela”?
ALBERIA
Albertario.
Well, Skip…put it this way: in a few more months you’ll be getting charged with a hate crime for saying something like that. It’s OFFENSIVE to Venezuelans, commies and stupid people!!!!
HAR HAR HAR!
Albertistan
Don’t even say that in jest… Wynneing!
I always wonder when companies say they’ve “… been able to achieve significant cost savings through better effectiveness, efficiency and innovation.”, why weren’t they doing that before?
PM Harper is going to kick those guys’ asses. He is the only one for the job.
Don’t count on it. For socialist this result is a feature, rather than a bug.
Have at ‘er Joe
Refineries are a necessary evil and only work at the market end
Even “Rach” might know that
When Lorne Calvert and the NDP ran Sask. He introduced 3 hikes in welfare rates in back to back to back years. I don’t believe he lowered taxes for those of us that set our alarms and go to work.
More detail would have been desirable. However, the Oil Patch does advance technologically at a rate which is phenomenal. Just look at what fracking has done to the world in about two years!!
Albertario. I like that.
Old Sarcee word meaning “We are just like Toronto now”.