RE:RE:RE:Value of Tax Pools!They are worthless to companies to companies who already have them and not pay taxes
The are worth something to companies that pay taxes, public or private
• Unlikely to pay tax. BTE, CPG, MEG, OVV, and WCP have substantial tax pools and are unlikely to pay cash taxes before 2025. ERF will be taxable, but we do not expect the company to pay material taxes before 2025.
• Becoming taxable. In the next 2-3 years we expect FRU and IMO to start paying cash taxes.
• Currently taxable. CNQ, CVE, PSK, and SU are currently taxable, and we expect CVE and PSK to pay more tax over time. CNQ and SU’s effective tax rates, which are in the 20%-25% range, are unlikely to change over the next 5 years.