Bid to End Oil and Gas Industry's Tax Breaks Shutdown by Senate Five Star Equities Provides Stock Research on Sandridge Energy Inc. and Royale Energy, Inc.
Five Star Equities Provides Stock Research on SandRidge Energy Inc. and Royale Energy, Inc.
NEW YORK, NY -- (Marketwire) -- 04/02/12 -- Oil Companies breathe sigh of relief as the Senate blocks Obama's bid to end oil, gas industry tax breaks. Senate Republicans on Thursday blocked a Democratic measure championed by President Barack Obama to end tax breaks for the major oil companies. The president had targeted the tax breaks and subsidies for oil companies as a new revenue source for clean energy development. Five Star Equities examines the outlook for companies in the Oil and Gas Industry and provides equity research on SandRidge Energy Inc. (NYSE: SD) and Royale Energy, Inc. (NASDAQ: ROYL). Access to the full company reports can be found at:
The president had wanted to take the roughly $2 billion in tax breaks and subsidies, that oil companies receive every year, and use that as a revenue source for clean energy development.
Among other things, the measure killed on Thursday would have ended oil production's categorization under the tax code as a form of domestic manufacturing eligible for a deduction worth 6% of net income, according to New Jersey Democratic Sen. Robert Menendez, the bill's author. The measure also would have prevented oil companies from claiming foreign royalty payments as a credit against American taxes, and cut the ability of companies to deduct numerous costs associated with the drilling process.
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SandRidge Energy Inc. has declared a $3.50 per share semi-annual dividend on its shares of 7.0% Convertible Perpetual Preferred Stock that will be paid in cash on May 15, 2012 to holders of record on May 1, 2012. The Company has 3,000,000 shares of 7.0% Convertible Perpetual Preferred Stock outstanding.
Royale Energy, Inc. announced it generated $1.6 million in Cash Flow from Operations for the year 2011 on 10,655,258 basic shares and 11,498,118 fully diluted shares. Contributing to this, Total Oil & Gas Revenue increased 60% to $4,879,397 in 2011, from $3,047,201 in 2010, a $1,832,196 increase.
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