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Houston M&M Luncheon October 30

Please join us at the Houston Petroleum Club, Thursday, October 30 for the NSWA's Meet and Mingle Luncheon.

Guest speakers will be NSWA Chairman and longtime Oklahoma oilman Mike Cantrell, and former United States Congressman Bill Brewster. Topics of discussion will be NSWA's current engagement in the battle to keep the percentage depletion allowance through the tax reform process, and the continued growth of the organization.

The luncheon is hosted by NSWA Executive Board Member J.E. Taylor, Taylor Energy Services, LLC of Houston, along with Jeff Caperton, Magellan Land Services, Inc.; and Greg Hudson, Cozen O'Connor.

To RSVP, please call Jamie at (405) 228-4112, or email jwhitefield@nswa.us.

Download a printable invite here.

We will see you in Houston!

What is percentage depletion?

United States Tax Code Sections 611, 613, 613A

This is a 15% deduction allowance against taxable income utilized by independent producers and royalty owners. Itís limited to the first 1,000 barrels/day of production. Congress eliminated percentage depletion for major oil companies more than 30 years ago.

Why itís important: Percentage depletion has been available to independent producers since 1954 as an incentive to stimulate continued investment in a high-risk industry. It provides the capital and outside investment small producers need to maintain marginal wells. These wells make up 20% of our production.

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