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About Oil & Gas Tax

You probably found this website because you want to invest in oil and gas properties, you work for an oil and gas company, or you are just curious about how oil and gas is taxed–particularly the media-hyped tax loopholes for big oil companies. This website addresses all of these topics.

Tax is complex. The taxation of oil and gas is even more complex.

Much of the complexity is attributable to the complex nature of oil and gas. It is a risky business. Yet, the risks are not all negative. The potential to profit is real. Fortunes are made (and lost) in the oil and gas business. When times are good, they are really good.

The complexity also comes from the fact that developing oil and gas is vital to our national security and future.

This boom-and-bust and necessity is reflected in our tax laws. The law provides special definitions for oil and gas property, rules to allow certain oil and gas costs and losses to be deducted sooner rather than later, and incentives to encourage taxpayers to explore and develop U.S. energy sources.

This website explores some of these tax laws. It begins by providing an overview of the different oil and gas taxes. If you are not familiar with taxes and tax laws, we encourage you to start there.

The website then follows a chronological order, covering more advanced tax issues specifically related to oil and gas. These issues include:

For the tax law gurus and folks needing more specific information, the website also includes several sources of oil and gas tax law, including oil and gas Tax Code provisions, regulations, court cases, revenue rulings, private letter rulings, and other tax guidance.