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Tax Bill May Crush US ‘Mom and Pop’ Oil Drillers, Sheffield Says

Aug. 9, 2022, 4:11 PM

The proposed new minimum tax on corporations and fees for methane emissions, both of which are in a sweeping bill passed by the US Senate this week, could make life impossible for many small US oil and gas producers, according to one of the country’s biggest independent producers.

The ultimate impact of Democrats’ landmark climate bill on the roughly 15,000 small oil and natural gas explorers in the US could be fewer wells being drilled in the future, Scott Sheffield, chief executive officer at Pioneer Natural Resources Co., said Tuesday in a Bloomberg TV interview.

“There’ll be more ...