Bloomberg: Chesapeake Energy Paid Less than 1% Tax Rate on $5.5 Billion in Profits (WTH?)

July 5th, 2012 by Zachary Shahan

Here’s a stunner that apparently dwarfs most other corporate tax robbery stunners: natural gas and fracking giant Chesapeake Energy is getting away with a huge cut in its tax rate based on a rather out-of-date 1916 tax law for oil and gas companies. Full story via DeSmog Blog:

Desmog Video
Bloomberg Stunner: How Chesapeake Energy Paid Less Than a 1% Tax Rate On $5.5 Billion in Profits (via Desmogblog)

Chesapeake Energy, a company that is no stranger to financial scandals, has found itself on the front page of the financial papers again. This time, the subject is taxes. Or how Chesapeake barely pays them. Over its 23-year history, Chesapeake Energy, the second largest producer of natural gas in…

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Tags: chesapeake energy, chesapeake energy tax rate, chesapeake energy taxes, Fracking, natural gas taxes

About the Author

Zachary Shahan spends most of his time here on CleanTechnica as the director/chief editor. Otherwise, he's probably enthusiastically fulfilling his duties as the director/editor of Solar Love, EV Obsession, Planetsave, or Bikocity. Zach is recognized globally as a solar energy, electric car, and wind energy expert. If you would like him to speak at a related conference or event, connect with him via social media. You can connect with Zach on any popular social networking site you like. Links to all of his main social media profiles are on ZacharyShahan.com.