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Gross Production Tax

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StateImpact on OETA: Possible Lawsuit Over Recently Signed Drilling Incentive

I was on Oklahoma News Report last week to discuss the controversial tax incentive for oil and gas drilling, which Gov. Mary Fallin signed on May 28. The bill is likely to draw a legal challenge from an Oklahoma City attorney, who says it’s a “revenue bill” that was passed without some of the legislative [...]

Gov. Mary Fallin Signs Controversial Tax Incentive for New Oil and Gas Wells

Gov. Mary Fallin on Wednesday signed a bill that makes permanent a generous tax incentive for new oil and gas drilling. The controversial measure, House Bill 2562, was forged as lawmakers and energy company executives debated the appropriate tax rate for the industry, which drives much of the state’s economy. Oil and gas groups lobbied [...]

Three of Oklahoma’s Largest Oil Companies’ Plan for How the State Should Tax Them

An Oklahoma pump jack.

Executives at Chesapeake Energy, Continental Resources and Devon Energy have proposed a plan for Oklahoma’s taxes on oil and natural gas production. The proposal comes as legislators are debating state oil and gas taxes, which include an incentive for horizontal drilling that expires next year. The Oklahoman‘s Adam Wilmoth reports: The newest proposal would change [...]

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, [...]

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