Chesapeake Energy has paid $53 million in income taxes since it was founded 23 years ago, which, according to an analysis by Bloomberg, is “less than half of Chief Executive Officer Aubrey McClendon’s compensation, for example, in 2008 alone.”
The company and other U.S. oil and gas producers can thank a century-old rule that allows them to postpone income taxes in recognition of the inherent risk of drilling wells that may turn out to be dry. The break may be outdated for companies such as Chesapeake, which, thanks to advances in technology, struck oil or gas in 99.6 percent of its wells last year.
Read more at: www.bloomberg.com
