Surging energy prices have propelled the taxes and royalties paid by public Canadian energy companies to around $48 billion this year, a 200-per-cent year-over-year increase, Michael Harvey, an analyst at RBC Capital Markets, the investment banking arm of Royal Bank, calculated.
In his research note, which was sent to RBC clients on July 19, Harvey said higher crude and natural gas prices were driving corporate profitability and setting the stage for higher royalties, taxes, and energy-related fees to all levels of government. Oil and gas royalties are typically based on sliding-scale formulas that see rates increase significantly at higher commodity prices.
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