Texas Comptroller Announces February 2026 Gas, Oil Average Closing Price

The Texas Comptroller of Public Accounts published a notice of general interest containing certifications for average closing prices of oil and gas for February 2026. The Comptroller determined that the average taxable price of oil was $35.12 per barrel, making oil from qualified low-producing leases ineligible for oil production tax credit. For natural gas, the average taxable price was $1.33 per mcf, qualifying gas from low-producing wells for a 100 percent credit on natural gas production tax. The average closing price of West Texas Intermediate crude oil was $64.52 per barrel, prohibiting franchise tax exclusions for revenue from qualified low-producing ...