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TAX UPDATE – ENERGY INDUSTRY: TEXAS AND WYOMING SEVERANCE TAX EXEMPTION

Tax Update: 8/17/2023

Texas and Wyoming both provide waivers from the severance tax that is otherwise
imposed on flared gas consumed on the site of a qualifying well. While the
exemptions have been heralded as an incentive for cryptocurrency mining, both
states’ exemptions apply broadly to stranded gas of a qualifying well that is
consumed on site for any purpose (not specifically related to cryptocurrency
mining.) The Texas and Wyoming rules related to this exemption are nearly
identical. In the absence of these exemptions, gas used onsite is subject to the
gas severance tax. As such, producers that qualify for the exemption will not
need to consider the tax implications of using versus flaring on-site gas.

The Texas exemption was enacted by the state legislature earlier this year, and
the state will begin accepting applications on September 1, 2023. Wyoming has
provided an exemption since January 1, 2022.

A qualifying well is a well that meets one of the following criteria:

 * Is not connected to a pipeline and is operated by a well operator who has not
   contractually dedicated to a pipeline operator: the well, the gas produced
   from the well, or the land or lease on which the well is located or
 * Is not connected to a pipeline and for which connection to a pipeline is
   technically or commercially unfeasible or
 * Is connected to a pipeline on which the pipeline takeaway capacity is a
   constraint

The Texas rules also require that gas was flared for at least 30 days during the
year preceding the application and require that the stranded gas be consumed
within 1,000 feet of the qualifying well.

Both Texas and Wyoming require an application to be submitted in order to
qualify the well before the waiver can be utilized. 

Read more here and connect with a Whitley Penn professional today.

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BRANDON NEWTON

Tax Senior Manager





« John Tittle Joins Whitley Penn as Managing Director of Bankruptcy &
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