Name: Carbon taxes and other clean energy agenda tax changes threaten investor value
Brand: Wood Mackenzie
SKU: 132998
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Author: Wood Mackenzie

Insight 12 October 2020

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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Will carbon taxes deter oil and gas investment? Would Joe Biden’s proposed increased federal royalties drive investment from the US? What is the financial impact if Congress eliminates immediate expensing of indirect drilling costs? In this follow-up to our first election upstream tax insight, we explore more of the most significant Democratic-supported proposals advancing a clean energy agenda. We examine the structure and impact of recently proposed carbon tax proposals, analyse the US Gulf of Mexico competitiveness with higher royalty rates and quantify the reduced investor value from eliminating indirect drilling costs. A careful balance between environmental and industry objectives is required before any of these policy aspirations are realised.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Executive summary
    </li>

<li class="list__item-toggle font-semibold">
        Democrats’ ambitions may be larger than Biden’s
    </li>

<li class="list__item-toggle font-semibold">
        The legislature proposes carbon taxes – often
    </li>

<li class="list__item-toggle">
        <a href="#983d2b2a-b2ca-45f5-9807-ac1b3c0828b6" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="983d2b2a-b2ca-45f5-9807-ac1b3c0828b6" aria-expanded="false">
            Congressional proposal structure clouds sector and project impacts
        </a>
        <ul id="983d2b2a-b2ca-45f5-9807-ac1b3c0828b6" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Carbon leakage
    </li>
    <li class="push-quarter--bottom">
        Our methodology for carbon tax comparisons
    </li>

</ul>
    </li>

<li class="list__item-toggle font-semibold">
        Upstream value is at risk to carbon taxes
    </li>

<li class="list__item-toggle font-semibold">
        Is Norway emissions reduction a fair comparison?
    </li>

<li class="list__item-toggle">
        <a href="#99a7264e-a570-4f0b-b8a0-e4364a395e43" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="99a7264e-a570-4f0b-b8a0-e4364a395e43" aria-expanded="false">
            Other Biden proposals may discourage investment
        </a>
        <ul id="99a7264e-a570-4f0b-b8a0-e4364a395e43" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Is the end in sight for intangible drilling costs?
    </li>

</ul>
    </li>

<li class="list__item-toggle font-semibold">
        Taxes and tax preference repeals require careful consideration and balance
    </li>

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<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">Carbon emissions pricing proposals introduced before the US Congress</li><li class="list__item push-quarter--bottom">Carbon price proposals in the 116th United States Congress</li><li class="list__item push-quarter--bottom">Financial impact of proposed plans on US assets</li>
     </ul>
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        <ul class="list list--bullets panel-toggle" id="c1feb34e26874ba6b21fa152a4c2c101">
            <li class="list__item push-quarter--bottom">Durbin carbon tax financial impact on subset of US assets</li><li class="list__item push-quarter--bottom">Durbin carbon tax reserve impact on subset of US assets</li><li class="list__item push-quarter--bottom">Durbin plan NPV impact, carbon intensity and gas as proportion of reserves</li><li class="list__item push-quarter--bottom">Carbon intensity of the top 20 petroleum producing countries</li><li class="list__item push-quarter--bottom">Emissions intensity of electric generation by state</li><li class="list__item push-quarter--bottom">GoM competitiveness with royalty increase</li><li class="list__item push-quarter--bottom">Value impact of eliminating IDC, all future costs treated as tangible</li>
        </ul>
        
    </div>

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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Carbon taxes and other clean energy agenda tax changes threaten investor value</p>
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