Texas Comptroller Announces March 2026 Oil, Gas Average Closing Price

The Texas Comptroller of Public Accounts published a certification of average closing prices for oil and gas for March 2026. The certification determines that oil produced in March 2026 from qualified low-producing oil leases is not eligible for oil production tax credit due to an average taxable price of $35.95 per barrel, while gas produced from qualified low-producing wells is eligible for a 100 percent credit on natural gas production tax due to an average price of $1.17 per mcf. Additionally, the certification establishes that taxable entities cannot exclude total revenue from oil produced in March 2026 from qualified low-producing ...