Oklahoma

Economy, Energy, Natural Resources: Policy to People

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Gross Production Tax

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OK Policy Poll: Voters Oppose Tax Incentives for Horizontal Drilling

A new poll shows 64 percent of Oklahoma voters oppose state tax incentives for horizontal drilling and support eliminating the incentive to pay for other government services. Oklahoma levies a 7 percent tax on oil and gas production, but the horizontal drilling incentive lowers the rate to 1 percent for the first 48 months of [...]

Why One Oklahoma Oil Executive Doesn’t Think Oil and Gas Tax Cuts Are Needed

Don Millican, the Chief Financial Officer of Kaiser-Francis Oil Company.

The Kaiser-Francis Oil Company has a lot in common with other storied Oklahoma energy empires. The company has by-the-bootstrap entrepreneurial origins, it’s been battered by boom and bust, and it’s helmed by a billionaire CEO who has weathered controversy and been showered with praise. But the Tulsa-based exploration and production company is unique in one [...]

What Oklahomans Need to Know About the Escalating Oil and Gas Tax Debate

A tax credit for horizontal drilling expires next year, and, as we’ve reported, the looming deadline has spurred lawmakers to discuss overall changes to Oklahoma oil and gas taxes. Or, as State Treasurer Ken Miller puts it, an “opportunity to modernize the state’s energy tax policy.” A 7 percent tax is levied on most oil [...]

The Legacy and Challenges of a State Question That Shapes Bills Decades Later

When the 2014 legislative session starts Feb. 3, state lawmakers will face more than 2,000 bills and resolutions, and are expected to have $170 million less to spend than last year. They will also be confronted by agency heads, most of which will argue, publicly, for more money. Many of the bills under consideration this [...]

Oklahoma Treasurer: Might be Time for State to Change Oil and Gas Taxes

State Treasurer Ken Miller spoke to reporters at a Monday press conference, which served as a year-end review of Oklahoma’s economy in 2013, and an early prediction of what the year ahead might hold. In short: Oklahoma saw modest economic growth in 2013, and early data makes him optimistic for 2014. Miller praised the tax [...]

Oklahoma House Speaker Wants to Make Horizontal Drilling Tax Break Permanent

Oklahoma House Speaker T.W. Shannon will author legislation to make permanent an oil and gas industry tax break for horizontal drilling. The incentive lowers gross production taxes from 7 percent to 1 percent for the first 48 months of production, and was installed in the ’90s to encourage the then-experimental type of drilling. Now days, [...]

Study: Oklahoma’s Drilling Incentives Reduce Modest Oil and Gas Tax Rates

Click here to read "Unconventional Oil and Natural Gas Production Tax Rates: How Does Oklahoma Compare to Peers?," a study by the Oklahoma Policy Institute

Oklahoma’s oil boom has led some to question the wisdom in giving hundreds of millions of dollars in tax breaks to a thriving industry. As the state’s oilfields have boomed, so have tax breaks for oil and gas drilling. The Oklahoma Policy Institute has been critical of such state tax breaks, like those for horizontal [...]

As Oklahoma’s Oilfield Booms, State Tax Breaks Follow

Toolpusher and rig manager Darrin Silcot walks the perimeter of a Triad Energy horizontal drilling operation near Alva, Okla.

The energy industry fuels Oklahoma’s economy, and the state is flush with active rigs and plentiful oil and natural gas production. Oklahoma’s oilfields are booming, as are state tax credits for drilling, which is leading some to question whether it’s sound fiscal policy to incentivize a thriving industry.

Oil and Gas Helped Fuel Record Year for Oklahoma Tax Revenue

Over the last 12 months, the state has collected $11.3 billion in tax revenue — an all-time high, State Treasurer Ken Miller said Monday. The record tax receipt — $12.6 million higher than the previous record set in December 2008 — is an indication that Oklahoma has recovered from the Great Recession, Miller said. One [...]

Head of Foundation Built by Oil Riches Says State Doesn’t Need Drilling Incentives

Oklahoma lawmakers are considering re-evaluating the value of tax incentives for oil and gas drilling, which totaled $321 million last fiscal year and helped smother state revenue growth, Secretary of Finance and Revenue Preston Doerflinger says. The oil and gas industry defends the tax credits, refunds and rebates. They’re not tax breaks, they’re “capital investment” [...]

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