The Norman Transcript

October 24, 2013

Oil patch growth encouraging

The Norman Transcript

NORMAN — Despite some well-publicized industry layoffs, business in the oil patch continues to encourage state officials.

It’s too early to call it a trend, but the tax collections on oil and gas were up by more than 31 percent from September 2012 to this September. Gross production taxes were up over the prior year for the fifth month in a row.

The oil and gas tax growth comes after 17 months of falling gross production numbers.

For all revenue categories, the 12-month collections at the end of September topped $11.33 billion, up by almost $20 million by August’s totals. For the 12-month period, the rolling average stands at 3 percent.