Understanding Wyoming s Oil and Gas Revenue Stream Why Wyoming Values Knowledge
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1 Understanding Wyoming s Oil and Gas Revenue Stream Why Wyoming Values Knowledge MARK GORDON WYOMING STATE TREASURER Wyoming EORCO2 Conference July 16, 2015
2 Time is Money This is a brief story of how Wyoming s natural resources have benefitted our State and why Wyoming is invested in helping to improve our knowledge about techniques and technology in an ever more competitive world.
3 History of a Fund In 1968 the State Treasurer Mitchell reported to Governor Hathaway that Wyoming had just over $80 dollars in its checkbook Severance Tax? Settled on 1 percent in Wyoming s leadership recognized the necessity to recover a portion of the value of extracted minerals and wisely set aside for the benefit of future generations The Permanent Mineral Trust Fund was ratified by the citizens of Wyoming in the 1974 General Election.
4 1974 Constitutional Ammendment The Legislature shall provide by law for an excise tax on the privilege of severing or extracting minerals of one and one-half percent (1 1/2%) on the value of the gross product extracted. The minerals subject to such excise tax shall be coal, petroleum, natural gas, oil shale and such other minerals as may be designated by the Legislature. Such tax shall be in addition to any other excise, severance or ad valorem tax.the proceeds from such tax shall be deposited in the Permanent Wyoming Mineral Trust Fund.The fund, including all monies deposited in the fund from whatever source, shall remain inviolate.the monies in the fund shall be invested as prescribed by the Legislature and all income from fund investments shall be deposited by the State Treasurer in the general fund on an annual basis. The legislature may also specify by law, conditions and terms under which monies in the fund may be loaned to political subdivisions of the state.
5 Current Severance Tax Rates Oil 6% Stripper oil 4% Natural Gas 6% Surface Coal 7% Underground Coal 3.75% Trona and Uranium 4% 1% sales tax on wind (not a severance tax)
6 Mineral Severance Tax Total Crude Oil, Natural Gas, Coal, Trona, Others (by fiscal year) $0 $500,000,000 $1,000,000,000 $1,500,000,000
7 Mineral Severance Tax Crude Oil (by fiscal year) $0 $100,000,000 $200,000,000 $300,000,000 $400,000,000
8 Mineral Severance Tax Total Crude Oil, Natural Gas, Coal, Trona, Others (by fiscal year) $0 $500,000,000 $1,000,000,000 $1,500,000,000
9 Coal, Crude Oil & Natural Gas Severance Tax Revenues Coal Crude Oil Natural Gas $0 $500,000,000 $1,000,000,000 $1,500,000,000
10 Knowledge and Information Exchange In a volatile world being nimble, efficient, and productive recommends faster returns on investment, better competitive position, improved security, and more sensible development. Sharing information on how to exploit a formation means fewer mistakes and less sunk capital Faster Deployment of new techniques and technologies Why Wyoming is so invested in success: More rapid returns to the Treasury A better understanding of what has been done in the field More appropriate and elegant permitting Better protections for the state Minimize unfortunate discoveries for future development
11 Total Severance Tax $0 $200,000,000 $400,000,000 $600,000,000 $800,000,000 $1,000,000,000 $1,200,000,000
12 Millions of $ - Severance Tax Natural Gas Oil $0 $200,000,000 $400,000,000 $600,000,000 $800,000,000
13 Millions of $ - Federal Mineral Royalties Natural Gas Oil $0.00 $100,000, $200,000, $300,000, $400,000, $500,000, $600,000, $700,000,000.00
14 Total Sales & Use Tax Mining Only $0 $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 $140,000,000 $160,000,000
15 Millions of $ - Property Taxes Natural Gas Oil $0.00 $100,000, $200,000, $300,000, $400,000, $500,000, $600,000, $700,000,000.00
16 Wyoming s Total Fund Growth since 2000 $19,000 $18,000 $17,000 $16,000 $15,000 $14,000 $13,000 $12,000 $11,000 $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $ Fiscal Year
17 There are not many natural resources outside of the United States that are not under Sovereign control meaning those resources that are accessible are precious and potentially lucrative Sharing information leads to better, more rapid and more positive exploitation of the resource Surfeit of energy supply allows for shifting fashions for energy supply Fashion does not necessarily lead to proper positioning of technology or source which is why we are so glad you are all here We will see energy shocks in the future which will have increasing influence on our country s economics and global competitiveness
18 Last Thoughts Thank you for what you have done Thank you for what you are doing And thank you for remembering Teddy Roosevelt's thoughtful observation in his speech on the New Nationalism offered in 1910 Conservation means development as much as it does protection. I recognize the right and duty of this generation to develop and use the natural resources of our land; but I do not recognize the right to waste them, or to rob, by wasteful use, the generations that come after us.
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