In the continued back-and-forth machinations to scuttle Trump-era rules, the Interior Department is axing regulations put in place last year, including rules that eliminated millions in revenue from fossil fuel extraction.

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In early January, the Trump administration finalized a makeover of Obama-era royalties reforms known as the 2020 Valuation Reform and Civil Penalty Rule. The final rule amended how the Interior’s Office of Natural Resources Revenue (ONRR) values royalties for the oil and gas produced and coal produced from federal and Indian leases. It also amended how civil penalties for violations would be assessed.

However, Interior, which in June signaled it was planning to revamp the revamp, said Tuesday it would withdraw the rule. In justifying the return to Obama-era...