Can Continental survive the new teacher pay raise tax?
Probably. Maybe they will drill a few more wells every year to make the same amount of money. Hamm says they do plan to expand drilling.
Oklahoma City-based Continental Resources posts $842 million fourth-quarter profit
OKLAHOMA CITY — Continental Resources Inc. generated a profit of $842 million in the fourth quarter, boosted by federal tax reform, the Oklahoma City oil and natural gas company said Wednesday.
Continental's profits consisted of $128 million from operations and almost $714 million in tax benefits, the company said. The operational gain was fueled by a 37 percent increase in production from the year-ago period. "Continental's fourth-quarter performance was a fitting completion to a standout year," CEO Harold Hamm said in a statement. "As we made clear in our 2018 guidance announcement, we expect even stronger performance in 2018 with both significant production growth and robust free cash flow."
I don't think it is about spending... it's a 2nd straight year of a revenue failure for the state. Budgets have been cut, which reduces services... Highway 19 from Lindsay to Chickasha needs some attention due to increased traffic from the booming oilfield, but budget cuts have delayed the plans on fixing it. County roads are getting atrocious from heavy oilfield truck traffic, but I don't see any way the county commissioners can do anything without additional funding. 2019 is not looking good either. And the teachers need a much needed pay raise... Sure glad Continental and the other oil companies are doing so well.
Question: You know what would happen if the richest people in this country paid more in taxes?
Answer: They would still be the richest people in this country.
Full Disclosure... I worked for the Department of Corrections for 9 years, 1st in Finance and Accounting's Budget Department, then Restitution Accounting Supervisor, the Business Manager II and III at 2 different Correctional Institutions.
I worked for the Office of Juvenile Affairs for 18 years, 1st as Finance Manager, then CFO, then Budget Director, the CFO again.
Don: Mebbe so. But overall, spending has exploded over the last few years. And (as for Oklahoma) if you tax the hell out of the rich they move to another state (vide New Jersey). Now, I know that folks who own mineral rights cannot move the site, and moving to another state doesn't avoid the tax, but overall "the rich" are an elusive target.
Do you have info on a well in Jackson County that is being drilled by Black Shale? Haven’t received any royalties in the past few months. Any info would be appreciated! Anna 28-3A