Oklahoma Treasurer Todd Russ says the latest monthly state revenues show an improved picture compared to the prior month, including a more than 50% growth of gross production tax revenues on oil and gas from June of of last year to July this year.
It is a sign of oil and gas production growth this year, but still the state’s production is below that of previous years. Overall oil and gas gross production tax revenue of $1.01 billion was recorded for the past 12 months, down $33.9 million or 3.1 percent from the previous year showed the Treasurer’s monthly report.
The gross production tax revenue for July 2025 totaled $126,060,085 and showed more revenue from the state’s natural gas production than from oil production.
Gross Production Gas: $ 47.60M
Gross Production Oil: $ 37.59M
The revenue grew by $36.9 million or 41.4% from June to July.
The gross production tax revenue totaled $126.1 million for the month of July, an increase of $42.4 million or 50.6 percent, compared to June 2024. It is a reflection of improved oil and gas production across the state over the past 12 months.
Treasurer Russ indicated the total July revenue for the state amounted to $1,410,174,403. He highlighted specific areas of revenues.
– Revenue total of $16.97B for the last 12 months, a increase of $43.93M, or 0.3%, over the last year.
– Year over year monthly comparisons show an overall increase of $49.3M or 3.6%.
– Decrease in revenue of 4.5% over last month.
– Two tax sources increased over the last month.
– Gross Production Tax of $126.1M up 41.4%,
– Total Sales and Use Tax of $593.2M up 1.8%,
– Other Tax Sources of $144.3M down 1.3%
– Total Income Tax of $467.9M down 44.6% and
– Motor Vehicle Tax of $78.8M down 4.5%.
The state’s Business Conditions Index for July declined to 49.0 from 50.6 in June. Components of the overall July index were: new orders at 45.0; production or sales at 49.5; delivery lead time at 57.2; inventories at 49.7; and employment at 43.7. According to ITA data, the Oklahoma manufacturing sector exported $2.9 billion in goods for the first five months of 2025, compared to $2.6 billion for the same period in 2024, for a 3.5% gain.
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