CNRL and "creative" accounting loses 405$ million, blames NDP

[Toma]

lol

I thought taxes only paid on profits. Oil falling 60% from peak didnt do it, but future tax increase 10 to 12% did?

http://www.cbc.ca/m/news/business/ca...loss-1.3181541

someone explain this to me? lol. Just kidding, don't bother, I wont be reading your excuses.

[rob the knob]

Originally posted by Toma
lol

I thought taxes only paid on profits. Oil falling 60% from peak didnt do it, but future tax increase 10 to 12% did?

http://www.cbc.ca/m/news/business/ca...loss-1.3181541

someone explain this to me? lol. Just kidding, don't bother, I wont be reading your excuses.

are you communist?

would you support government taking back oil from this company to give to citizens?

[Isaiah]

Thanks Obama.

[revelations]

Im certainly not pro-NDP but reasonably increase the taxes on the super big/rich corporations and leave the little businesses alone.

Now is 20% sudden jump reasonable?

[schurchill39]

A way more productive way to share this thread would be:

Title: CNRL Posses a Loss, Blames the NDP

Thread body:
http://www.cbc.ca/m/news/business/ca...loss-1.3181541


Done

[Jeeper1986]

funny thing our cn rail shares are over 82$ loool

and its not that they lost 405mill its that's how short they came to there real amount that they set lol

[btimbit]

Originally posted by schurchill39
A way more productive way to share this thread would be:

Title: CNRL Posses a Loss, Blames the NDP

Thread body:
http://www.cbc.ca/m/news/business/ca...loss-1.3181541


Done

You must not be familiar with Toma, productive and/or informative has nothing to do with his schtick

[Xtrema]

so NDP may be able to balance the budget by 2018 after all.

then we will go into extreme deficits as companies get buy out by US giants for pennies and close shops in Alberta.

[rob the knob]

Originally posted by Xtrema
so NDP may be able to balance the budget by 2018 after all.

then we will go into extreme deficits as companies get buy out by US giants for pennies and close shops in Alberta.

why would somebody buy oil company then close it? you can not move the land to the us like when building machines?

[mikestypes]

It is hilarious that Suncor and others don't get called out for this because they also stated in their Q2 reports that they took big deferred tax charges due to the 20% tax increase from the ndp.
http://www.suncor.com/pdf/2015-Q2_Su...rt_English.pdf
http://www.tourmalineoil.com/assets/...ease-Final.pdf

[Inzane]

Originally posted by Jeeper1986
funny thing our cn rail shares are over 82$ loool

and its not that they lost 405mill its that's how short they came to there real amount that they set lol

What does CN Rail have to do with Canadian Natural Resources Ltd?

[rage2]

Toma cracks me up. Don't even pretend you don't understand tax deferral. If you contribute to RRSP, lease a car, or own a business, and keep money there instead of paying yourself out, you're deferring a form of taxation in one way or another.

[Jeeper1986]

Originally posted by Inzane


What does CN Rail have to do with Canadian Natural Resources Ltd?

brain fart

[ExtraSlow]

Don't kid yourselves, a lot of oil company executives are thinking just like the Murray and Steve Laut from CNRL. The difference is that CNRL has made it part of their plan to be public abut their displeasure. Most executives don't have the stomach for this kind of publicity and activism.

CNRL is also probably the largest Oil and Gas producer in Alberta. They have put their bet on this province, and can't easily divert spending to other jurisdictions. They own both SAGD and oilsands mines in Alberta, plus Cold-flow Heavy oil, plus massive conventional oil and gas projects, all inside Alberta. More than anyone else, they have the most to lose or gain from Alberta-specific polices on taxes or royalties.

[tenth]

Originally posted by mikestypes
It is hilarious that Suncor and others don't get called out for this because they also stated in their Q2 reports that they took big deferred tax charges due to the 20% tax increase from the ndp.
http://www.suncor.com/pdf/2015-Q2_Su...rt_English.pdf
http://www.tourmalineoil.com/assets/...ease-Final.pdf

I don't understand this either. Everybody releasing results is mentioning the impact on deferred taxes, because public companies are required to explain to shareholders and the public the material changes in financial results in the period, as well as trends moving forward. CNRL has gone a little farther mentioning that it will seriously impact their spending going forward, but when an impact that material hits your business you absolutely have to address what it means to the outlook of your business to your shareholders and the market.

Every Alberta based company got pummeled this quarter on an earnings basis from the corporate tax increase. Even though they aren't real immediate dollars, this a real change in the expected future cash flows of CNRL (and every other AB company) moving forward, which absolutely will have a significant impact on these companies ability to reinvest in growth.

I really don't see this as "blaming the NDP" any more than every other company that has had to come out and explain the hit they've taken. It's explaining fact, and will happen any time any government materially raises rates. Hopefully somebody let the NDP know how deferred taxes work and it isn't a surprise that they are associated with really bad earnings news for 30 days in July/August (or really 6 months for full year fiscal 2015 reported results).

EDIT: I know it's troll bait, but to address the title here. This isn't creative accounting, but the only way public companies everywhere in the world are actually allowed to account for taxes.

[mr2mike]

Originally posted by ExtraSlow
Murray and Steve Laut from CNRL.

They're a couple now? News to me.

CNRL is proudly a sole Canadian company and have been around for 10+ years. Very few other companies can say this.

They're challenging the govt because they want things correct and fair. Media believes O&G companies are making hand over fist.

Look at the ROCE for Canada.
O&G is 1%!!!
Maybe go after the financial sector for their 5.6% ROCE.
http://www.statcan.gc.ca/pub/61-219-...0/t005-eng.htm

[mikestypes]

Originally posted by mr2mike


CNRL is proudly a sole Canadian company and have been around for 25+ years. Very few other companies can say this.

FTFY.

[ExtraSlow]

Originally posted by mr2mike

They're a couple now? News to me.

I'm pretty sure they got married in a beautiful ceremony in Oregon three years ago . . .

[kaput]

.

[ExtraSlow]

Pretty sure it was Scott Thompson on a ukelele. Although he does look like KD.