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Nothing to do with the underlying commodity prices then?
The market taking such a +ve view of our TW deal and rewards as promised by Mitch shining through in our SP …. !@#$
Thanks upomega, I'll give it a go.
NoQuestionMarks it's a bit difficult to do ATM as I am using my phone,but I found it by googling and the whole article came up. I haven't got a subscription so I cannot access it that way. Something I have noticed is that generally you can view articles if they are a day or so older on most subscription sites. If that helps.
upomega,
Could you possibly copy and paste the text for those of us without subscriptions to the telegraph?
Many thanks if you can.
I listened to the Keir Starmer interview on R4 this morning. He stated yet again that if labour was in power they would legislate for a 'proper windfall tax' and use the proceeds to freeze council tax. ....
Doomed... doomed I tell you
Both gas and oil prices continue to fall . Yet the dastically duo comprising of Labour and concervatives still believe that oil and gas companies are having a windfall due to high prices on the back of the Ukraine conflict. Bp has not helped the cause inmv to have a floor on this tax by saying that they continue to make extra profits due to higher prices. Why are they not saying that the main cause of their excess profits are now due to efficiencies together with higher production. They could have also used a comparison and said that had production and efficiencies remained as they were eighteen months ago then profit would be ex amount with prices trading where they currently are. At least then it would be blatantly obvious that we are not in windfall territory now. inmo
This Telegraph article is excellent imo and should be shown to every Mp in this country. For those that have not seen this it is worth a read.
https://www.telegraph.co.uk/business/2023/04/30/oil-companies-freeze-north-sea-investing-windfall-tax/
Sorry forgot to add. Isn't that business and progressive forward thinking is. If not why even bother educating people. Come on wokes where is the money coming from.
Maybe you lot are making it from illegal practice??
That would explain your blatant attack inmv and inmho and no one's else's. Even anyone's else's that have past over. All rights reserved etc etc.
I haven't seen that particular article,but there are other article's on the same line.
As I posted before our biggest enemy is HMG and the thick woke brigade.
Profits from the majors are now increasing due to their professional attitude and not spike in oil and gas prices. So the big question now is will HMG penalize them for being clever???
Great article about the future of gas, which in the long term will be great for SQZ
https://apple.news/ActdsenHORDaHiv1A4Qksqg
Wouldn’t pay too much attention to Goldman, best strategy is do the opposite to what they say - imho
No worries, upomega. It's an unusual surname which often gets misspelled.
Apologies DennisThePennis for mis spelling your user name. I Was not wearing my specs when typing.
atb
DennisThePennis
I agree there is very little chance of WFT changes until Labour government when it will get worse.
Now really does not matter what our politicians want to do the country is being run from home by civil servants, the BBC Sky news and the Guardian, Labour have nothing to do, all being done for them. Disagree with their policies and they will get you out and now no chance of a push back against this as Rishi Sunak is their choice and of course no need for him to to voted in by anyone as democracy not relevant in today's Britain.
Dennis ThePenus.you have hit it on the head. I fink matters are more worse than that. Inmv ,inmho and no one's else s. Wokes are are now running great British land. Best still all working from their beds.even better they still throw sickies.
Anyway I'm off to get an Indian passport and learn some proper English. Just like the bard . Bye the the way does anyone actually speak that crap anymore
I don't think the WFT is going to change any time soon. Our populist politicians are more worried about getting attacked by wokes on social media than destroying the country.
Serica's next acquisition needs to be outside the UK.
Personally I hope greenpeace wins and none of these licences gets the go ahead. I did post a few days ago as to why didnt the sector stick together and not go for these licences. At least then they would have had some bargaining power with this tax and maybe get some assurances going forward.The sooner Serica as many have posted on here acquires some overseas assets the better inmv.
3 Reasons Why Oil & Gas Is Goldman Sachs’ Favorite Sector
https://oilprice.com/Energy/Crude-Oil/3-Reasons-Why-Oil-Gas-Is-Goldman-Sachs-Favorite-Sector.html
Despite the renewed selling in oil and gas, Goldman Sachs remains bullish on energy.
The energy sector is the cheapest of all 11 U.S. market sectors, with a current PE ratio of 6.7.
Energy companies continue to report robust earnings as oil continues to trade around $80 per barrel.
Well what a surprise raise taxes to punitive levels and the tax take falls who would have predicted this, well everyone who has any financial sense, looks at history and who has discovered the laffer curve.
These figures do not take account of other lost taxes, all those made redundant by Harbour and others , corp tax etc.
Still our 3 main parties plus some others keep pursuing the policies of madness, i.e. do the same thing again and again and expecting different results. In fact Labour and the Liberals want to increase it, beyond madness.
In the same area a friend of mine running a large local fruit and veg business who meets a lot of people (due to the business) tells me that a number of his good customers are planning to leave the UK as I am. This will not end well except perhaps for those that get out of the UK, very sad, still easy to replace them with ones coming across on the boats every day, let’s see how that works, should have bought a hotel instead of O&G shares.
thats the plan NewKTOB, tax the cr@p out of companies, drive them out of business and then the government nationalises this key industry and commodity
I see that Greenpeace has successfully challenged the UK government on awarding new oil and gas leases
lol, what do these idiots expect ..... Companies are fighting for survival and by any means necessary, including 'loopholes', will be used to keep jobs and ensure UK energy security.
Wait until 2023 figures come in .... not sure what assumptions were made when calculating tax levy revenue but I sure as 'ell guess it wasn't sub 100p/therm and sub $80 barrel.
PS Official Government meaning of loophole for Energy Profits Levy, "The energy profits levy included a ‘super-deduction’ style relief which aimed to encourage companies to invest in UK oil and gas extraction, putting more UK gas on the grid for longer, supporting jobs and the economy and bolstering the future energy security of the UK."
aimo & dyor
No doubt hmg will once again listen to their buddie oik Starmer and raise the tax further. Just to ensure that the North sea industry is finished and then import all our energy needs going forward.
The Liberal Democrats demand ministers bring in a tougher windfall tax and scrap loopholes.
https://www.mirror.co.uk/news/politics/tories-let-energy-giants-hook-29820484
Thanks for the link. It is also available on you tube.
Hopefully we can now move forward as there is nothing we can now do to alter the past. As i posted yesterday it is pointless attacking the company with negativity as what is done is done. Maybe efforts can now be turned to hmg to adjust this tax as inmv this is the achilles heel here now.
Here’s a link through for anyone who didn’t catch the presentation yesterday:
https://twitter.com/investormeetco/status/1650750241593864193?s=46&t=uz3in5yMdDdYvqnOjeh9vg