Press

Suncor Energy successfully resolves $1.3 billion tax dispute with Canada Revenue Agency

Posted by Katie Woodward - OilVoice

06-Dec-2016


CALGARY, ALBERTA--(Marketwired - Dec. 5, 2016) - Suncor today reports that the Tax Court of Canada has issued a favourable Order resolving the previously disclosed dispute with the Canada Revenue Agency (CRA). The dispute was in regards to the income tax treatment of realized losses in 2007 on the settlement of certain derivative contracts.

The Tax Court Order confirms the successful resolution of this matter between Suncor and the CRA, resulting in no additional taxes, interest or penalties. Suncor's original filing position on this issue is therefore maintained and all taxation matters related to this issue are now closed.

As is customary in disputes of this nature, Suncor had provided security to the CRA and the Provinces of Quebec and Ontario for approximately $657 million in respect of this issue. The company is taking steps for the return of this security.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Suncor EnergyTax DisputeCanada Revenue AgencyLegalCanada

More items from katie


Shell announces appointment of new Company Secretary

Royal Dutch Shell plc announces the appointment of Linda Szymanski as Company Secretary with effect from January 1, 2017. Ms Szymanski succeeds Michiel Brandjes who retires at the end of the year after 36 years of service with the Shell group, of which 13 years was as General Counsel Corporate and C ...

Katie Woodward - OilVoice


Posted 2 years agoPress > ShellPeople on the MoveCompany Secretary

Spartan Energy Corp. Announces Closing of Previously Announced Strategic Light Oil Acquisition, 2017 Corporate Budget and Increase in Borrowing Base to $350 Million

CALGARY, ALBERTA--(Marketwired - Dec. 8, 2016) - Spartan Energy Corp. ("Spartan" or the "Company") (TSX:SPE) is pleased to announce the closing of its previously announced strategic light oil acquisition in southeast Saskatchewan from ARC Resources Ltd. (the "Acquisition"). The Acquisition includes ...

Katie Woodward - OilVoice


Posted 2 years agoPress > Spartan Energy CorpAcquisition2017 +2

ARC Resources Ltd. Closes Sale of Saskatchewan Assets

CALGARY, Dec. 8, 2016 /CNW/ - (ARX – TSX) ARC Resources Ltd. is pleased to announce that it has successfully closed the previously-announced sale of its Saskatchewan assets and operations to Spartan Energy Corp. (SPE – TSX), for total cash consideration of $700 million, subject to customary post-clo ...

Katie Woodward - OilVoice


Posted 2 years agoPress > ARC ResourcesSaskatchewanAssets +2

Perpetual Energy announces 2017 capital spending and production guidance

CALGARY, Dec. 8, 2016 /CNW/ - Perpetual Energy Inc. ("Perpetual", the "Company" or the "Corporation") (TSX:PMT) is pleased to announce its capital spending plans and expected production growth for 2017. Perpetual's success in advancing its strategic priorities in 2016, coupled with strengthening co ...

Katie Woodward - OilVoice


Posted 2 years agoPress > Perpetual Energy2017CAPEX +1

First LNG produced from PETRONAS' first floating LNG facility PFLNG Satu

PETRONAS' first floating liquefied natural gas (LNG) facility, PFLNG SATU has achieved an industry breakthrough with the successful production of its first drop of LNG from the Kanowit gas field, offshore Sarawak on 5 December 2016. The operational milestone marks a decade long journey for PETRONAS ...

Katie Woodward - OilVoice


Posted 2 years agoPress > PETRONASLNGPFLNG Satu +1
All posts from katie