Chesapeake Energy Corporation announced Thursday the company will be making a total of nearly $14 million in property tax payments to parishes benefiting from natural gas and oil development.
Representatives from Chesapeake will begin making presentations at area police jury meetings to formally announce the individual parish totals that include payments from Chesapeake Operating, Inc. and drilling subsidiary Nomac Drilling, LLC for property, real estate and personal property taxes in 2012.
"The Haynesville Shale has been a massive economic engine for investment, job creation and state and local tax payments over the last several years,” said Paul Pratt, Chesapeake's Director – Corporate Development. "Chesapeake is proud to contribute to Louisiana's economy through tax payments that provide funds for schools, hospitals and road and other government services that yield value for so many citizens in our state while also producing a carbon-light fuel that cleans our air and builds our nation's energy security.”
The economics of shale gas and oil development have not only created a stimulus for Northwest Louisiana, but also have led to greater statewide investment and growth.
With natural gas at decade-low prices, Louisiana is experiencing a renaissance in new commercial and industrial construction activity, particularly in the synthetic fuel and chemical industries where the Louisiana Department of Economic Development is forecasting the location of seven to 15 projects over the next few years.
The projects are expected to attract investments of $500 million to $5 billion each and create thousands of construction and permanent jobs.
It is evident the Haynesville Shale has and will bode well for local economies and Louisiana as it continues to sustain jobs, stimulate sales for state businesses and contribute to household earnings and local and state taxes.