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Chesapeake (NYSE:CHK) has earned some $5.5 billion pretax since its founding 23 years ago, but has paid income taxes on less than 1 percent of it, due to a 100-year old stipulation for oil and gas producers that allows the postponement of income taxes, since wells they drill could turn up dry. The loophole might not last forever, since 99.6 percent of wells drilled in 2011 struck one or the other fuels. Technology has changed over the last century, obviously.
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Consolidated Edison (NYSE:ED) locked its unionized workers out over the weekend when talks over a new labor contract stalled. The members are now asking for federal mediators’intervention; such negotiators helped to resolve a 9-week strike at Lockheed Martin not so long ago.
Afghanistan is searching for bidders for territory in its Afghan-Tajik Basin, for the exploration and production of oil and gas. ExxonMobil (NYSE:XOM) indicates that it is considering participation in a tender of six blocks in northern Afghanistan to that effect. The Afghan government reached an agreement in 2011 with China National Petroleum for the development of oil blocks in the Amu Darya basin in the nort of the country.
The oil and gas exploration and production firm Rosetta Resources (NASDAQ:ROSE) will replace Catalyst Health Solutions (NASDAQ:CHSI), in the Standard & Poor’s MidCap 400 Index, after the close of trading on July 5th.
Investing Insights: The Week Ahead on Wall Street: Short Holiday Week, BLS Unemployment.
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