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 - News) and Royale Energy, Inc. (NASDAQ: ROYL - News). 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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