They could have combined them and it would make good sense to combine a loss making with profit making project. Im not sure on the details but that would make perfect sense. A bit like income splitting.
Additionally these things have to have a baseline valuation. And that baseline may vary substantially depending on the value purchased and stage of development when the baseline was done.
Honestly its so complex and will be so different in every case that i think trying to grasp it is not our job as investors. What we need to understand is if we are paying tax we are making profit on projects and thats a great thing.
Personally the best case scenario would be for every company we own to be paying PRRT on every project... So dont let it worry you. What needs to worry us is other write downs of assets or notes and dry / abandoned wells.
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