Shiloh – Page 25 – .The Texas Energy Report

Democrats Want to Tax and Spend on Green New Deal Policies in an Inflationary Recession: Wayne Christian, RRC

August 5, 2022 — President Joe Biden and Senate Democrats have revived their progressive “Build Back Better” agenda to continue an almost two yearlong spending spree, paid for with debt and tax hikes on nearly every American. Few ideas are more economically disastrous than debt spending in an inflationary environment and raising taxes during a recession. And Democrats are planning on doing just that.

The pending partisan proposal spends $370 billion on various pieces of the radical Green New Deal climate agenda, raises taxes by $326 billion, and increases regulations on energy production that will further drive up energy costs across-the-board. But this is just more of the same from Biden’s tenure to date. High taxes, unnecessary regulations, and irresponsible deficit spending is what caused the mess we are in – with $4 a gallon gas, inflation at 40-year highs, and two straight quarters of economic contraction….

Oil, Gas, Overall Texas Sales Tax Revenues Break Records In July

August 2, 2022 — The State of Texas brought in well over a billion dollars in oil and natural gas production taxes in July, Comptroller Glenn Hegar said on Monday, shattering state records.

And overall, tax revenue totaled $3.88 billion in July, 14.7% more than in July 2021, also the highest monthly collections on record.

Natural gas production tax income was up 185% over July, 2021, at $532 million (the largest income on record).

Oil tax receipts were up 84% year-over-year at $694 million (also the largest on record).

Motor fuel tax income was up 3% over July of last year at $324 million…

The 80 TER Texas Energy Companies List: 2nd Quarter 2022 Earnings Results Roundup

This resource is updated as information becomes available.

AEP

Reported second-quarter 2022 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $525 million or $1.02 per share, compared with GAAP earnings of $578 million or $1.16 per share in second-quarter 2021. Operating earnings for second-quarter 2022 were $618 million or $1.20 per share, compared with operating earnings of $590 million or $1.18 per share in second-quarter 2021.

Operating earnings is a non-GAAP measure representing GAAP earnings excluding special items. The difference between 2022 GAAP and operating earnings for the quarter was largely due to the write-off of an equity investment in the Flat Ridge 2 wind facility in Kansas, charges related to the anticipated sale of AEP’s Kentucky operations, a gain on the sale of mineral rights, and the mark-to-market impact of economic hedging activities.

More at the press release

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Amplify Energy

During the second quarter of 2022, the Company:
- Achieved average total production of 20.4 MBoepd, which was held flat compared to the first quarter, despite reduced production at Bairoil attributable to the annual maintenance turnaround
- Generated net cash provided by operating activities of $20.7 million and net income of $29.2 million
- Delivered Adjusted EBITDA of $16.3 million
As of July 31, 2022, net debt was $185 million, consisting of $215 million outstanding under the revolving credit facility and $30 million of cash on hand
- Net Debt to Last Twelve Months (“LTM”) EBITDA of 2.3x¹
Updated the Company’s full-year 2022 guidance, increasing expectations for production and Adjusted EBITDA
Southern California Release Incident (the “Incident”) Updates:
- Amplify continues to work cooperatively with all regulatory agencies to secure the remaining required approvals to safely and promptly repair and restart the pipeline
- As reported in Amplify’s first quarter earnings release, on April 15, 2022, Amplify received approval for its permanent pipeline repair plan from the Pipeline and Hazardous Material Safety Administration

More at the press release…..