Oil and Gas Tax Collections for November Came in Below State Estimate

New figures from the state show General Revenue Fund collections in Oklahoma came in nearly 8 percent higher than the monthly estimate while gross production collections on oil and gas were 25 percent under the estimate.

Total state collections were $390.6 million or 7.9 percent above the monthly estimate, according to Secretary of Finance, Administration and Information Technology, Preston L. Doerflinger.

“It was a solid month for state revenue and I’m glad to see we exceeded the estimate this period,” said Doerflinger who explained the collections were $28.7 million more than the estimate. They were also $48.2 million or 14.1 percent above collections in November 2016.

“It should be noted,” added Doerflinger, many of the gains we are seeing are not necessarily indicative of a strengthening economy. The strong showing this month appears to have more to do with law changes taking effect and boosting returns rather than economic growth.”

The agency’s figures showed gross production tax collections were $23.4 million but $8.0 million or 25.4 percent below the estimate. However, the collections were $10.8 million or 85.1 percent higher than the previous year.

Natural gas collections came to $20 million and they too were below the official estimate by $2.5 million or 10.9 percent. Again, the collections were $8.9 million or 80.7 percent more than the previous year.

Oil collections totaled $3.4 million, or $5.5 million under the estimate. That figures to 61.7 percent less than expected. But the collections were still higher than the previous year by $1.8 million.

Motor vehicle tax collections totaled $14.7 million or 11.7 percent higher than the official state estimate. They were 1 percent higher than a year ago.