Quiz for you - Taxes on Natural Gas and Crude Oil sales

txaggieacct85

Joined: Feb 12, 2016

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don't google it.

What are the severance tax rates for natural gas and crude oil sales by producers in the state of Texas.

topher06

Joined: Nov 22, 2013

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5:41p, 3/1/23

Probably much lower than they are in most other states, but still too high and essentially the only industry that gets hit with them.

PeekingDuck

Joined: Nov 16, 2004

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7:29p, 3/1/23

It depends...

TxAg20

Joined: Jan 29, 2005

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8:07p, 3/1/23

It varies, but ~3.5%. Some of the taxes can be refunded when commodity price drops below a certain price.

I didn't google it. I'm a former oil and gas operator.

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Comeby!

Joined: Oct 20, 2004

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8:30p, 3/1/23

I know gas is 7.5% and oil is a little more than half of that. I remember this because you can load the state defaults in phdwin. Not sure if they are still the case. That being said I know we had some low volume severance tax relief.