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United States (Lower 48) upstream fiscal summary

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26 February 2018

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

  • Executive summary
    • 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
        • Effective royalty rate - onshore, gas
        • Maximum government share - onshore, gas
        • Progressivity
          • Fiscal deterrence

Tables and charts

This report includes 28 images and tables including:

  • Revenue flowchart: L48 concession
  • Timeline
  • Timeline detail
  • Bonuses, rentals and fees
  • Ad Valorem (property) tax
  • Royalty rates
  • Current licence, equity and fiscal terms: Table 4
  • Current licence, equity and fiscal terms: Table 5
  • Current licence, equity and fiscal terms: Table 6
  • Current licence, equity and fiscal terms: Table 7
  • Current licence, equity and fiscal terms: Table 8
  • Assumed terms by location - oil
  • Current licence, equity and fiscal terms: Table 10
  • Split of the barrel - oil
  • Split of the barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • Effective royalty rate - onshore, oil
  • Economic analysis: Table 2
  • Maximum government share - onshore, oil
  • Economic analysis: Table 4
  • State share versus Pre-Share IRR - oil
  • State share versus Pre-Share IRR - 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:

  • Document

    United States (Lower 48) upstream fiscal summary

    PDF 464.65 KB

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