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Big Oil Finds Hurdles Buried in Trump’s ‘America-First’ Tax Plan

Limits on tax assets, exploration expenses will cost drillers
Parts of overhaul may favor shale over multinational players

Bloomberg business news — The Winners and Losers in the Tax Overhaul Bill

By

Alex Nussbaum and

January 8, 2018, 11:00 AM UTCUpdated onJanuary 8, 2018, 7:14 PM UTC

For Big Oil, the U.S. tax overhaul is turning out to be a mixed bag, especially for companies that drill overseas.

Two weeks after President Donald Trump and congressional Republicans passed a sweeping rewrite of the tax code that cuts corporate rates, drillers are finding other changes that are less of a boon. BP Plc and Royal Dutch Shell Plc offered a preview recently, saying they may write off as much as $4 billion in tax assets as a result.