US Lower 48 Upstream Fiscal and Regulatory Report - Uncertain Outlook for State Severance Tax Measures and Federal Tax Reform

  • ID: 4430636
  • Report
  • Region: United States
  • 69 pages
  • GlobalData
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US Lower 48 Upstream Fiscal and Regulatory Report - Uncertain Outlook for State Severance Tax Measures and Federal Tax Reform

Summary

"US Lower 48 Upstream Fiscal and Regulatory Report - Uncertain Outlook for State Severance Tax Measures and Federal Tax Reform", presents the essential information relating to the terms which govern investment into the United States’s upstream oil and gas sector. The report sets out in detail the contractual framework under which firms must operate in the industry, clearly defining factors affecting profitability and quantifying the state’s take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for the United States’s upstream oil and gas investment climate.

Scope
  • Overview of current fiscal terms governing upstream oil and gas operations in the United States
  • Assessment of the current fiscal regime’s state take and attractiveness to investors
  • Charts illustrating the regime structure, and legal and institutional frameworks
  • Detail on legal framework and governing bodies administering the industry
  • Levels of upfront payments and taxation applicable to oil and gas production
  • Information on application of fiscal and regulatory terms to specific licenses
  • Outlook on future of fiscal and regulatory terms in United States
Reasons to buy
  • Understand the complex regulations and contractual requirements applicable to the United States’s upstream oil and gas sector
  • Evaluate factors determining profit levels in the industry
  • Identify potential regulatory issues facing investors in the country’s upstream sector
  • Utilize considered insight on future trends to inform decision-making
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1 Table of Contents

2. Regime Overview

3. State Take Assessment

4. Key Fiscal Terms
4.1. Royalties, Bonuses, and Fees
4.1.1. Cash Bonus
4.1.2. Rentals
4.1.3. Royalties
4.2. Production Tax
4.2.1. Alabama
4.2.2. Arizona
4.2.3. Arkansas
4.2.4. California
4.2.5. Colorado
4.2.6. Connecticut
4.2.7. Delaware
4.2.8. Florida
4.2.9. Georgia
4.2.10. Idaho
4.2.11. Illinois
4.2.12. Indiana
4.2.13. Iowa
4.2.14. Kansas
4.2.15. Kentucky
4.2.16. Louisiana
4.2.17. Maine
4.2.18. Maryland
4.2.19. Massachusetts
4.2.20. Michigan
4.2.21. Minnesota
4.2.22. Mississippi
4.2.23. Missouri
4.2.24. Montana
4.2.25. Nebraska
4.2.26. Nevada
4.2.27. New Hampshire
4.2.28. New Jersey
4.2.29. New Mexico
4.2.30. New York
4.2.31. North Carolina
4.2.32. North Dakota
4.2.33. Ohio
4.2.34. Oklahoma
4.2.35. Oregon
4.2.36. Pennsylvania
4.2.37. Rhode Island
4.2.38. South Carolina
4.2.39. South Dakota
4.2.40. Tennessee
4.2.41. Texas
4.2.42. Utah
4.2.43. Vermont
4.2.44. Virginia
4.2.45. Washington
4.2.46. Wisconsin
4.2.47. West Virginia
4.2.48. Wyoming
4.3. Property Tax
4.3.1. Alabama
4.3.2. Arizona
4.3.3. Arkansas
4.3.4. California
4.3.5. Colorado
4.3.6. Connecticut
4.3.7. Delaware
4.3.8. Florida
4.3.9. Georgia
4.3.10. Idaho
4.3.11. Illinois
4.3.12. Indiana
4.3.13. Iowa
4.3.14. Kansas
4.3.15. Kentucky
4.3.16. Louisiana
4.3.17. Maine
4.3.18. Maryland
4.3.19. Massachusetts
4.3.20. Michigan
4.3.21. Minnesota
4.3.22. Mississippi
4.3.23. Missouri
4.3.24. Montana
4.3.25. Nebraska
4.3.26. Nevada
4.3.27. New Hampshire
4.3.28. New Jersey
4.3.29. New Mexico
4.3.30. New York
4.3.31. North Carolina
4.3.32. North Dakota
4.3.33. Ohio
4.3.34. Oklahoma
4.3.35. Oregon
4.3.36. Pennsylvania
4.3.37. Rhode Island
4.3.38. South Carolina
4.3.39. South Dakota
4.3.40. Tennessee
4.3.41. Texas
4.3.42. Utah
4.3.43. Vermont
4.3.44. Virginia
4.3.45. Washington
4.3.46. West Virginia
4.3.47. Wisconsin
4.3.48. Wyoming
4.4. State Corporate Income Tax
4.4.1. Alabama
4.4.2. Arizona
4.4.3. Arkansas
4.4.4. California
4.4.5. Colorado
4.4.6. Connecticut
4.4.7. Delaware
4.4.8. Florida
4.4.9. Georgia
4.4.10. Idaho
4.4.11. Illinois
4.4.12. Indiana
4.4.13. Iowa
4.4.14. Kansas
4.4.15. Kentucky
4.4.16. Louisiana
4.4.17. Maine
4.4.18. Maryland
4.4.19. Massachusetts
4.4.20. Michigan
4.4.21. Minnesota
4.4.22. Mississippi
4.4.23. Missouri
4.4.24. Montana
4.4.25. Nebraska
4.4.26. Nevada
4.4.27. New Hampshire
4.4.28. New Jersey
4.4.29. New Mexico
4.4.30. New York
4.4.31. North Carolina
4.4.32. North Dakota
4.4.33. Ohio
4.4.34. Oklahoma
4.4.35. Oregon
4.4.36. Pennsylvania
4.4.37. Rhode Island
4.4.38. South Carolina
4.4.39. South Dakota
4.4.40. Tennessee
4.4.41. Texas
4.4.42. Utah
4.4.43. Vermont
4.4.44. Virginia
4.4.45. Washington
4.4.46. West Virginia
4.4.47. Wisconsin
4.4.48. Wyoming
4.5. Federal Corporate Income Tax
4.5.1. Tax Rate
4.5.2. Deductions and Depreciation
4.5.3. Depletion Allowance

5. Regulation and Licensing
5.1. Legal Framework
5.1.1. Governing Law
5.1.2. Contract Type
5.1.3. Title to Hydrocarbons
5.2. Institutional Framework
5.2.1. Licensing Authority
5.2.2. Regulatory Agency
5.3. License Terms
5.3.1. Duration and Relinquishments

6. Outlook

7. Appendix
7.1. Contact
7.2. Disclaimer

List of Tables
Table 1: Regime Overview
Table 2: US Lower 48, Typical Annual Rental Rates - State Lands (US$/acre)
Table 3: US Lower 48, Typical Royalty Rates - State Lands (%)
Table 4: US Lower 48 - South Dakota, Criteria for Increment Status for Royalty Reduction on State Land
Table 5: US Lower 48 - Alabama, Production Tax
Table 6: US Lower 48 - Alabama, Privilege Tax
Table 7: US Lower 48 - Arizona, Combined Transaction Privilege Tax and County Excise Tax Rates
Table 8: US Lower 48 - Colorado, Severance Tax
Table 9: US Lower 48 - Florida, Production Tax - Tertiary and Mature Oil
Table 10: US Lower 48 - Illinois, Hydraulic Fracturing Tax Rates - Oil
Table 11: US Lower 48 - Louisiana, Severance Tax Rates - Liquids
Table 12: US Lower 48 - Louisiana, Severance Tax Rates - Gas
Table 13: US Lower 48 - Michigan, Drilling Depth and Average Daily Production Thresholds for Marginal Property Classification
Table 14: US Lower 48 - Michigan, Oil and Gas Fee Rates (%)
Table 15: US Lower 48 - Mississippi, Severance Tax Rates - Liquids
Table 16: US Lower 48 - Mississippi, Severance Tax Rates - Natural Gas
Table 17: US Lower 48 - Montana, Severance Tax Rates - Liquids
Table 18: US Lower 48 - Montana, Severance Tax Rates - Gas
Table 19: US Lower 48 - New Mexico, Severance Tax Rates - Liquids
Table 20: US Lower 48 - New Mexico, Severance Tax Rates - Gas
Table 21: US Lower 48 - New Mexico, Emergency School Tax - Liquids
Table 22: US Lower 48 - New Mexico, Emergency School Tax - Gas
Table 23: US Lower 48 - North Dakota, Oil Extraction Tax Incentives
Table 24: US Lower 48 - Oklahoma, Severance Tax Exemptions
Table 25: US Lower 48 - Pennsylvania, Impact Fee Rates (US$)
Table 26: US Lower 48 - Texas, Natural Gas Tax Exemption Price Thresholds
Table 27: US Lower 48 - Utah, Severance Tax Rates (%)
Table 28: US Lower 48 - Utah, Severance Tax Exemptions
Table 29: US Lower 48 - Wyoming, Severance Tax Exemptions
Table 30: US Lower 48 - Arizona, Corporate Income Tax Rates (%)
Table 31: US Lower 48 - Arkansas, Corporate Income Tax Rates (%)
Table 32: US Lower 48 - Indiana, Corporate Income Tax Rates (%)
Table 33: US Lower 48 - Iowa, Corporate Income Tax Rates (%)
Table 34: US Lower 48 - Kentucky, Corporate Income Tax Rates (%)
Table 35: US Lower 48 - Louisiana, Corporate Income Tax Rates (%)
Table 36: US Lower 48 - Maine, Corporate Income Tax Rates (%)
Table 37: US Lower 48 - North Dakota, Corporate Income Tax Rates (%)
Table 38: US Lower 48 - US, Corporate Income Tax Rates (%), 1993-present
Table 39: US Lower 48,7-Year & 5-Year GDS Depreciation Rates (Half-Year Convention) (%)
Table 40: US Lower 48, Governing State Laws
Table 41: US Lower 48, State Lands Leasing Authorities
Table 42: US Lower 48, State Regulatory Agencies
Table 43: US Lower 48, Primary Term Duration for State Lands

List of Figures
Figure 1: Regime Flow Chart
Figure 2: US Lower 48, Indicative NPV10/boe, IRR, and State Take Comparison, Internal
Figure 3: US Lower 48, Indicative NPV10/boe, IRR, and State Take Comparison, Regional
Figure 4: US Lower 48, Legal Framework
Figure 5: US Lower 48, Institutional Framework
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