Continued…
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?