The Council hosted the Republican Leader of the House Ways and Means Committee Congressman Kevin Brady (TX-8) last Thursday for a tour of Halliburton Labs followed by an roundtable discussion of his legislative and policy priorities. The roundtable offered Members a chance to ask questions about issues affecting the energy industry.
The tour of Halliburton Labs gave Rep. Brady a first-hand look at the innovative technologies the industry is developing to create a cleaner, more efficient energy future. Brady saw the importance the industry places on research and development, and how new technologies are coming from within the energy sector rather than outside non-industry sources.
During the roundtable Rep. Brady spoke candidly about the challenging political climate in Washington. He shared his thoughts on the viability of pending tax legislation that would directly affect the oil and gas industry if signed into law. The Biden Administration has specifically targeted several oil and gas related provisions for elimination, including intangible drilling costs (IDC) and percentage depletion, Brady said.
Removing the IDC provision would strip producers of the right to recover labor and other intangible costs to reinvest in oil and gas supplies. Ending percentage depletion would stop producers from receiving accelerated recovery of costs associated with oil and gas exploration and production.
In addition, the Biden Administration has proposed a global minimum tax, which would impose a tax on businesses in addition to the 28% rate for domestic companies. The Biden Administration’s tax plans unfairly target the oil and gas industry, which could jeopardize the energy supply chain, and render exploration and operations unsustainable.
Rep. Brady shared strategies for Council Members to address these potentially harmful pieces of legislation, emphasizing the importance of advocacy and sharing with members of Congress the impacts these proposals would have on jobs and revenues.
Advisory Board Member and Government Affairs Committee Chair Todd Ennenga, Halliburton; Leslie Beyer, CEO, and Tim Tarpley, SVP Government Affairs for the Council led the event. Council Members attending the roundtable included Myrtle Jones, Senior Vice President, Tax, Halliburton; Galen Cobb, Vice President, Customer Relations, Halliburton; Dale Winger, Managing Director, Halliburton Labs; Scott Livingston, President, Intervention & Stimulation Equipment, NOV; Jack Renshaw, Senior Vice President Western Region, Basic Energy Services; and Melissa Cougle, CFO, Frank’s International.
If you are interested in the Council’s advocacy efforts or would like to join the Government Affairs Committee, contact SVP Government Affairs & Counsel Tim Tarpley.
Deidre Kohlrus, Director Government Affairs, writes about industry-specific policies for the Energy Workforce & Technology Council. Click here to subscribe to the Council’s newsletter, which highlights sector-specific issues, best practices, Council activities and more.