Louisiana Tax Board Slashes Assessment of Chevron’s Former Wells

Oil and gas wells Cantium LLC bought from Chevron USA Inc. are worth far less than a Louisiana parish’s assessments of their fair market value for personal property tax purposes, a state tribunal ruled.

The Louisiana Tax Commission was right to reduce the 2022 valuation to $87.9 million from the assessor’s figure of $164.5 million, the Louisiana Board of Tax Appeals ruled in the first of two opinions released Thursday. In the other, the board increased the commission’s 2021 valuation by $4.05 million to account for Cantium’s purchase of five new wells, resulting in a value of $57.3 million, ...