More than a year after oil prices plunged from more than $100 a barrel to the $30s, the State Tax Commission says it will pay nearly $158 million in rebates next year to certain operators of what are called “economically at-risk” wells.
Those are wells that are no longer profitable and the rebates are aimed at softening the blow on well operators as well as extending production of the wells. The payments, according to Oklahoma Watch, totaled only about $11 million two years ago during good times. And the journalism group found out that more well operators are likely to take advantage this year of the at-risk rebate following unsuccessful efforts in the legislature to suspend the rebate program.
Read full story from The Tulsa World and Oklahoma Watch.
Oklahoma Watch
