The IRS published a notice establishing the reference price under I.R.C. §45K(d)(2)(C) at $63.40 per barrel for calendar year 2025. This reference price affects the enhanced oil recovery credit under I.R.C. §43, the marginal well production credit under I.R.C. §45I, and the applicable percentage for percentage depletion under I.R.C. §613A for oil and natural gas produced from marginal properties. [IRS, Notice 2026-30, 05/22/26]
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