The Department of Interior (DOI) said last Thursday it disbursed $11.69 billion in fiscal year (FY) 2019 from energy production revenue collected on federal and American Indian-owned lands and offshore areas, a $2.76 billion (31%) increase compared with FY2018.
Articles from Revenue
New Mexico’s revenue collections through the first 10 months of fiscal year (FY) 2019 are $273.5 million above forecast, according to the Legislative Finance Committee, which attributed the windfall to booming oil and gas production and strong tax receipts.
Houston-based oilfield services operator National Oilwell Varco Inc. (NOV) reported growth in its international and offshore businesses during the second quarter, but the North American land market suffered as producers slashed spending.
The No. 1 completions expert in North America, Halliburton Co., said pricing pressure is likely to continue through the first quarter because of an overabundance of onshore fracturing equipment following the sharp decline in oil prices late last year.
Pennsylvania Gov. Tom Wolf’s latest proposal to implement a severance tax on natural gas production could generate more than $200 million annually in revenue over the next five years, according to an analysis of the 2018-2019 executive budget by the state’s Independent Fiscal Office (IFO).
Oklahoma took in $1 billion in gross receipts in December, a 12% increase for the month that was fueled in part by a nearly 43% increase in taxes levied on gross oil and natural gas production, said State Treasurer Ken Miller.
Despite the recent pullback in the U.S. rig count and the uncertainty in the 2018 outlook, drilling technology expert National Oilwell Varco Inc. (NOV) sees opportunities to help the industry retool and innovate as it navigates a $50/bbl world.
Houston-based Superior Energy Services Inc., which makes its mark in the U.S. onshore with its pressure pumping services and specialized drilling, said a lack of direction regarding overall spending plans by producers and “supply chain stress” have created some uncertainty about the outlook for 2018.
A severance tax on unconventional natural gas production could be part of a final package to fund Pennsylvania’s state budget, said House Majority Leader Dave Reed (R-Indiana County), but not if that package also includes gross receipts taxes for gas, electric and telephone utility customers.
California regulators have approved a general rate case settlement agreement for Pacific Gas and Electric Co. (PG&E) for 2017-2019 that includes an $88 million (1.1%) increase this year, pushing the San Francisco-based combination utility’s overall authorized revenue level to slightly above $8 billion. The settlement includes small decreases for natural gas and electric distribution operations and a $153 million increase for electric generation this year, while authorizing collective increases of more than $800 million for the subsequent two years — $444 million (5.5%) next year and $361 million (4.3%) in 2019. The California Public Utilities Commission (CPUC) noted that the revenue levels would allow PG&E to provide “safe, reliable service.” CPUC President Michael Pickercalled the settlement “a compromise” that significantly reduces a revenue requirement that was originally sought by PG&E.