Murray Edwards And Why Tax Rates Matter to Oilfield Services

“Who will stand up for Alberta’s persecuted billionaire community?” the headline of a popular political blog site sarcastically blared after the story broke last month about how wealthy and successful Calgary entrepreneur N. Murray Edwards had apparently relocated his residence to London for tax reasons.

The story broke in the Calgary Herald on March 24 after publicly traded Magellan Aerospace Corp., a company controlled by Edwards, disclosed in its annual year-end filings its chairman resided in London, United Kingdom, not Calgary / Banff as had previously been the case. A few days later in its Annual Information Form, oil and gas producing giant Canadian Natural Resources Limited (CNRL) released the same information about its executive chairman. The Herald wrote, “Two sources familiar with the situation who asked not be identified said Edwards is switching his residency to the U.K. For tax reasons.”

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