Environment, Education, Energy: Policy to People

“Production Tax Debate Intensifies in Oklahoma’s Oil Patch”

Horizontal drilling used to be rare and risky, which is why Oklahoma incentivized it. But now that most wells in the state are horizontally drilled, does a tax break still make sense? Many producers say yes, but some agree with the state Finance Secretary and say the full gross production tax should be restored.

Barry Mullennix, CEO at Tulsa-based Panther Energy, credited the tax program for helping his company grow to more than 90 employees, up from 18 a few years ago. “I would argue the tax incentive is a direct reason we have so much horizontal drilling in the state today,” Mullennix said. “The companies used the credit to help discover this massive wealth in oil and natural gas.”

Read more at: newsok.com

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