Oklahoma Gross Production Taxes Fall 56% in November
Oklahoma’s November tax revenues saw a modest gain overall, but the state’s gross production taxes on oil and gas dropped sharply compared to last year.
Gross Production Taxes Plunge More Than 56%
State Treasurer Todd Russ reported that gross production revenue fell by $37.5 million, a 56.2% decline from November 2024.
According to the State Tax Revenue Report, total gross production tax revenue for the month was $37,534,238.07.
Breakdown of November Energy Revenue
12-Month Comparison Shows Moderate Gains
Despite the steep monthly drop in production taxes, the Treasurer’s Office said Oklahoma’s 12-month total revenue reached $17.08 billion, an increase of $213.39 million or 1.3%.
Over that same period, oil and gas gross production tax revenue totaled $1.05 billion, an increase of $27.5 million or 2.7% compared to the previous year.
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– Revenue total of $17.08B for the last 12 months, an increase of $213.39M, or 1.3%, over the last year.
– Year over year monthly comparisons show an overall increase of $49.2M or 4.1%.
– Decrease in revenue of 13.2% over last month.
– One tax sources increased over the last month:
– Total Sales and Use Tax of $627.5M up 7.8%
– Total Income Tax of $400.4M down 29.2%,
– Gross Production Tax of $37.5M down 56.2%,
– Motor Vehicle Tax of $61.7M down 14.4% and
– Other Tax Sources of $130.4M down 8.8%. |
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The state’s Business Conditions Index for October rose to 52.2 from 50.8 in September. Components of the overall October index were: new orders at 50.1; production at 51.3; delivery lead time at 58.7; inventories at 52.1; and employment at 48.6. According to the latest published U.S. Bureau of Labor Statistics (BLS) data, the state’s involuntary layoff rate for July 2025 was 1.2%, compared to 1.9% for July 2024. |
Formally known as the Gross Receipts Report, this report is a timely, broad view of the state’s economy and releases in conjunction with the General Revenue Fund report. Providing information to state agencies for budgetary planning purposes, the General Revenue Fund acts as the state’s main operating account and receives a portion of the state’s gross receipts as well as state, city and county funds. |
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| 12-Month Period End Comparison
Tax Revenue total of $17.08 billion, up $213.39 million or 1.3 percent. |
- Combined individual income tax and corporate income tax $6.7 billion, up $429.2 million or 6.9 percent.
- Individual tax of $5.8 billion, up $436.1 million or 8.2 percent.
- Corporate tax of $906.3 million, down $6.9 million or 0.8 percent.
- Combined sales tax and use tax–including city and county remittances–of $6.9 billion, down $142.8 million or 2.0 percent.
- Sales tax of $5.6 billion, down $206.5 million or 3.5 percent.
- Use tax, received on out-of-state and Internet purchases, of $1.2 billion, up $63.8 million or 5.3 percent.
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- Oil and gas gross production tax of $1.05 million, up $27.5 million or 2.7 percent.
- Motor vehicle tax of $873.6 million, down $40.4 million or 4.4 percent.
- Other sources, including 70 different revenues, of $1.6 billion, down $60.1 million or 3.7 percent.
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| Monthly Comparison
Tax Revenue total of $1.3 billion, up $49.2 million or 4.1 percent for November 2025 vs. 2024. |
- Income tax of $400.4 billion, up $27.5 million or 7.4 percent.
- Individual tax of $408.3 million, up $55.1 million or 15.6 percent.
- Corporate tax of -$7.9 million, down $27.6 million or 140.19 percent.
- Sales and use tax of $627.5 million, up $51.8 million or 9.0 percent.
- Sales tax of $476.8 million, up $15.1 million or 3.3 percent.
- Use tax of $150.7 million, down $36.6 million or 32.1 percent.
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- Gross production taxes of $37.5 million, down $29.2 million or 43.7 percent.
- Motor vehicle taxes of $61.7 million, down $1.9 million or 3.2 percent.
- Other sources of $130.4 million, down $2.7 million or 2.0 percent.
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| Month-Over-Month Comparison
Tax revenue total of $1.3 billion, down $190.6 million or 13.2 percent from last month. |
- Decrease in income tax of $164.9 million or 29.2 percent.
- Increase in sales and use tax of $45.4 million or 7.8 percent.
- Decrease in gross production taxes of $48.1 million or 56.2 percent.
- Decrease in motor vehicle taxes of $61.7 million or 14.4 percent.
- Decrease in other sources of $12.6 million or 8.8 percent.
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View full PDF report below.
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