RE:BTE end nearer than you thinkThis is ridiculous and has no impact on current trading.
These tax issues, even if concern, aren't a factor until mid next year.
Todays SP pricing should be about the increasing price of oil... and oil trending looks to be is on the rise.
Time for BTE to catch up and get back into the $4.50's range.
likegrowthstock wrote: "logical price action..." BTE down another 3% ...
CRA hits Baytex Energy Corp
with tax reassessments and the bill could hit $134 million Baytex will file a notice of objection with the CRA for each reassessment and the Company’s release noted that process is expected to take two years
Ted Rhodes/Calgary Herald
Geoffrey Morgan
Geoffrey Morgan
June 22, 2016
5:46 PM EDT
Last Updated
June 22, 2016
6:29 PM EDT
Filed under
Commodities Energy
Comment
Facebook
Twitter
Email
More
CALGARY • Baytex Energy Corp.’s multi-year fight with the Canada Revenue Agency could result in a $134-million tax bill for the heavy oil producer.
Baytex announced after markets closed Wednesday that the CRA had reassessed tax filings from a handful of its subsidiary companies and those reassessments denied millions of dollars worth of non-capital loss deductions.
The CRA sent Baytex a notice in Nov. 2014 that proposed a reassessment of tax claims for the years 2011 through 2013. If the CRA determined the deductions were not allowed, the total bill at the time was expected to reach $57 million.
On Wednesday, Baytex confirmed that those reassessments had been completed, and also included reassessments of deductions for the fiscal years 2014 and 2015. The tax bill is now expected to reach $120 million, plus about $14 million in interest payments.
Baytex senior vice-president, capital markets and public affairs Brian Ector said he did not expect the total bill, which the company plans to appeal, will climb any higher.
“The full amount of losses available to us have been deducted, so I don’t anticipate this going beyond the ($120-million plus interest) level captured in today’s press release,” Ector said.
Baytex will file a notice of objection with the CRA for each reassessment and the company’s release noted that process is expected to take two years. If those objections are denied, the company plans to appeal further to the Tax Court of Canada, a process which would delay the payments by another two years.
Each reassessment stems from a series of deals Baytex struck in 2010, when the company bought up privately held entities with accumulated losses of $591 million that the company used to reduce the taxable income of those units.
Financial Post