NEW YORK, NY--(Marketwire -04/02/12)- Oil Companies collectively breathed a 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 VAALCO Energy, Inc. (NYSE: EGY - News) and Samson Oil & Gas Ltd. (NYSE: SSN - News)
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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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VAALCO Energy, Inc. reported for the 2011 fourth quarter net income of $8.7 million, or $0.15 per diluted share, compared to net income attributable to VAALCO of $8.9 million, or $0.15 per diluted share, for the comparable period in 2010.
Samson Oil & Gas Ltd recently provided an update on its Roosevelt Project. The Gretel II fracture stimulation of the Bakken Formation was successfully completed on March 28th utilizing the sliding sleeve frac method. 1.7 million pounds of proppant was pumped into 20 stages. This represents a 65% increase in the amount of proppant pumped into the formation as compared to the amount used in the Australia II well.
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