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Marginal Wells: Fuel For Economic Growth

Kentucky

4.50%

$58.33

1,796,536

$4,715,638

38,087

$99,972

4.50%

Louisiana

3.125%

$64.23

13,453,243

$27,003,181

354,802

$712,153

$0.013

Alabama

6.00%

$63.11

917,537

$3,474,346

50,146

$189,883

6.00%

Alaska

15.00%

$0.034

$57.03

0

$0

0

10%

Arizona

3.125%

$59.70

30,469

$56,844

0

$0

3.125%

Arkansas

4.00%

$0.045

$58.67

3,162,057

$7,563,008

49,802

$119,117

$0.003

California

0.00%

$0.062

$57.34

37,503,478

$2,321,053

2,575,553

$159,398

0.00%

Colorado

0.00%

0.12%

$63.80

7,259,935

$555,821

188,221

$14,410

0.00%

Florida

5.00%

$63.11

425

425

$0.509

Illinois

0.00%

$59.70

9,441,470

$0

482,297

$0

0.00%

Indiana

1.00%

$59.31

1,737,763

$1,030,667

50,273

$29,817

1.00%

Kansas

0.00%

$0.0273

$60.74

27,417,150

$747,666

546,825

$14,912

0.00%

Severance and Ad Valorem Tax

RIMS II multipliers do not take into consideration any impact on state or local government. ere- fore, the economic impact predictions do not in- clude any payments of state or local severance taxes or any local ad valorem taxes. Many states have reduced severance tax rates for wells that qualify for stripper or marginal status under their guidelines. For the purposes of this report, it was assumed that all of the marginal production reported for a given

state would qualify for stripper/marginal status tax reductions at the lowest level of status granted. No additional tax reductions for secondary or tertiary production were assumed for the states that grant such reductions. Several states have additional taxes levied on production for the purpose of funding conservation, environmental or main- tenance related activities. ese taxes have been included in the severance tax calculations. Based on the average oil and gas prices and mar- ginal production from Table 6, severance taxes col-

2006

Annual Lost

Marginal

Lost

Marginal Oil

Gas

Production

Production

Severance

(Bbls)

Tax Revenue

Tax Rate

Maryland

0.00%

Michigan

4.00%

Mississippi

6.00%

Missouri

0.00%

Montana

9.00%

Nebraska

2.00%

Nevada

$0.05

New Mexico

7.09%

New York

0.00%

North Dakota

5.00%

Ohio

$0.100

Oklahoma

7.195%

Oregon

6.00%

Pennsylvania

0.00%

South Dakota

4.74%

Tennessee

3.00%

Texas

4.60%

Utah

0.00%

Virginia

0.50%

West Virginia

5.00%

Wyoming

4.00%

TOTAL

$0.00

0

0

7.00%

$60.89

2,826,374

$8,604,896

75,106

$228,662

5.00%

$59.35

895,452

$3,228,104

15,904

$57,334

6.00%

$60.74

86,780

$0

2,955

$0

0.00%

$56.69

2,011,555

$10,605,260

81,908

$431,831

11.00%

$57.77

1,579,404

$2,737,265

15,932

$27,612

3.00%

$59.70

0

0

$0.001

$61.74

14,361,916

$62,867,363

232,917

$1,019,564

8.19%

$63.51

293,651

$0

631

$0

0.00%

$56.69

2,309,795

$6,547,114

106,216

$301,068

$0.0772

$62.89

4,805,142

$480,514

34,732

$3,473

$0.025

$63.11

41,074,209

$186,590,459

652,457

$2,962,653

7.195%

$0.00

0

0

6.000%

$64.02

3,626,000

$0

10,450

$0

0.00%

$51.85

54,169

$133,131

0

$0

4.74%

$58.33

126,956

$222,160

7,683

$13,445

3.00%

$61.31

147,506,457

$444,124,979

5,401,855

$16,264,364

7.50%

$59.70

1,817,620

$217,024

31,004

$3,702

0.00%

$58.33

779

$227

1,818

$530

3.00%

$63.07

970,802

$3,061,424

7,411

$23,370

5.00%

$53.25

8,245,343

$17,826,019

126,353

$273,168

6.00%

335,312,467

$794,714,161

11,141,762

$22,950,439

Annual Total Marginal Oil Production Tax Revenue

1% $0.044 0.30% 1% $0.002 $0.1906 0.20% 0.06%

Table 6: Production Taxes

State

Marginal Oil Severance Tax Rate

Environmental, Oil $/Bbl

etc.)

2006 Production from Marginal

Wells (Bbls)

Other Taxes

2006

(Conservation,

Average

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