Country Report
United States (Lower 48) upstream fiscal summary
Report summary
Relatively complex concession-based fiscal regime, where licence terms are dependent upon land ownership. A cash or signature bonus is paid to the land owner when the lease is signed. Royalty rates vary depending upon whether land is State-owned private land, and when the licence was issued. Most states in the US apply a production or severance tax on the gross value of oil and gas production (minus royalties paid or due) irrespective of land ownership. Companies are also liable for...
Table of contents
- Basis
- Licence terms
- Government equity participation
-
Fiscal terms
- Ring fencing
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Severance (production) tax
- State income tax
- Federal income tax
- Fiscal treatment of decommissioning
- Product pricing
- Summary of modelled terms
- Recent history of fiscal changes
-
Texas
- Split of the barrel and share of profit
- Effective royalty rate and maximum government share
-
Progressivity
- Fiscal deterrence
Tables and charts
This report includes 27 images and tables including:
- Timeline
- Timeline detail
- State share versus Pre-Share IRR - oil
- State share versus Pre-Share IRR - gas
- Bonuses, rentals and fees
- Ad Valorem (property) tax
- Royalty rates
- Assumed terms by location - oil
- Assumed terms by location - gas
- Split of the barrel - oil
- Split of the barrel - gas
- Share of profit - oil
- Share of profit - gas
- Effective royalty rate - onshore, oil
- Effective royalty rate - onshore, gas
- Maximum government share - onshore, oil
- Maximum government share - onshore, gas
- Investor IRR versus Pre-Share IRR - oil
- Investor IRR versus Pre-Share IRR - gas
- Fiscal terms for oil (US L48)
- Fiscal terms for gas (US L48)
- Appendix
What's included
This report contains:
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