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Calculation of Tax Savings from Oil Extraction Tax Rate Reduction and

Repeal of Triggered Incentives


Actual Estimated Trigger Estimated
Production Collection Distribution Collections Actual Actual Collections / Reduced Savings Due to
Period Period Period At 10% New Rate Barrels Sold Ave. Price Collections due to Tax Break Trigger Repeal

Jan 16 Feb Mar $ 83,235,571 34,553,678 $ 24.09 $ 50,776,284 $ 32,459,287


Feb Mar Apr $ 74,468,102 32,005,353 $ 22.07 $ 43,087,847 $ 31,380,255
Mar Apr May $ 101,696,196 34,256,253 $ 29.85 $ 62,375,498 $ 39,320,698
Apr May Jun $ 103,521,502 30,941,856 $ 33.61 $ 63,437,303 $ 40,084,199
May Jun Jul $ 120,289,917 32,271,278 $ 38.50 $ 75,789,096 $ 44,500,821
Jun Jul Aug $ 128,868,721 30,829,203 $ 41.64 $ 78,307,409 $ 50,561,312
Jul Aug Sep $ 116,710,511 31,678,122 $ 38.24 $ 73,893,655 $ 42,816,856
Aug Sep Oct $ 109,398,371 30,398,456 $ 37.27 $ 69,109,978 $ 40,288,393
Sep Oct Nov $ 106,004,800 28,826,502 $ 37.31 $ 65,606,524 $ 40,398,276
Oct Nov Dec $ 131,936,220 32,015,739 $ 43.01 $ 83,996,813 $ 47,939,407
Nov Dec Jan 17 $ 112,265,320 30,414,676 $ 38.38 $ 71,206,231 $ 41,059,089
Dec Jan 17 Feb $ 120,323,884 28,498,019 $ 43.94 $ 76,384,380 $ 43,939,504
Jan 17 Feb Mar $ 125,893,853 30,719,723 $ 44.60 $ 83,576,078 $ 42,317,775
Feb Mar Apr $ 135,592,006 28,449,138 $ 46.92 $ 81,424,847 $ 54,167,159
Mar Apr May $ 124,788,095 31,451,913 $ 42.92 $ 82,344,882 $ 42,443,213
Apr May Jun $ 137,695,193 31,248,129 $ 44.34 $ 84,518,064 $ 53,177,129
May Jun Jul $ 129,650,496 31,916,443 $ 42.80 $ 83,327,449 $ 46,323,047
Jun Jul Aug $ 119,014,186 30,781,407 $ 39.39 $ 73,961,257 $ 45,052,929
Jul Aug Sep $ 125,879,976 31,872,027 $ 40.98 $ 79,673,056 $ 46,206,920
Aug Sep Oct $ 137,799,364 33,495,338 $ 42.85 $ 87,551,789 $ 50,247,575
Sep Oct Nov $ 139,408,862 32,747,232 $ 44.98 $ 89,851,200 $ 49,557,662
Oct Nov Dec $ 165,754,179 35,977,239 $ 47.86 1 $ 105,034,110 $ 60,720,069
Nov Dec Jan 18 $ 175,942,774 35,535,354 $ 53.61 2 $ 116,208,070 $ 59,734,704
Dec Jan 18 Feb $ 186,305,999 35,684,566 $ 54.41 3 $ 118,437,431 $ 67,868,568
Jan 18 Feb Mar $ 210,944,402 36,431,973 $ 59.67 4 $ 132,607,646 $ 78,336,756
Feb Mar Apr $ 171,341,188 32,424,760 $ 57.25 5 $ 113,235,368 $ 58,105,820
Mar Apr May $ 193,780,148 35,194,280 $ 57.52 $ (29,067,022)
Apr May Jun $ 217,455,294 36,550,385 $ 61.11 $ (32,618,294)
May Jun Jul $ 233,229,050 38,394,156 $ 64.51 $ (34,984,358)
Jun Jul Aug $ 215,490,950 36,623,421 $ 61.99 $ (32,323,643)
Jul Aug Sep $ 249,569,380 38,994,859 $ 67.76 $ (37,435,407)
Aug Sep Oct $ 232,175,929 39,665,341 $ 63.46 $ (34,826,389)
Sep Oct Nov $ 254,322,948 40,243,259 $ 64.68 $ (38,148,442)

$ 4,990,753,387 $ 1,249,007,421

Calculated "savings" due to trigger repeal: $ 1,249,007,421

Calculated "loss" due to rate reduction, during months incentives would have been triggered off: $ (239,403,555)

Net Tax savings from trigger repeal less rate reduction combined: $ 1,009,603,867

12345 Shows five month period actual price exceeded trigger price after which incentives would have triggered off, and tax would have returned to 11.5%
Calculates the impact of the rate reduction from 11.5% to 10%

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