Calculation of Tax Savings from Oil Extraction Tax Rate Reduction and Repeal of Triggered Incentives

And Calculation of the Revenue Loss Due to Rate Reduction

Difference Between
Actual Estimated Actual Collections Estimated Estimated
Production Collection Distribution Collections Collections at at 10% and Estimated at Actual Actual Triggered Savings Due to
Period Period Period At 10% New Rate 11.5% Prior Rate 11.5% (Revenue Loss) Barrels Sold Ave. Price Collections Trigger Repeal

Jan 16 Feb Mar $ 83,235,571 $ 95,720,907 $ (12,485,336) 34,553,678 $ 24.09 $ 50,776,284 $ 32,459,287
Feb Mar Apr $ 74,468,102 $ 85,638,317 $ (11,170,215) 32,005,353 $ 22.07 $ 43,087,847 $ 31,380,255
Mar Apr May $ 101,696,196 $ 116,950,625 $ (15,254,429) 34,256,253 $ 29.85 $ 62,375,498 $ 39,320,698
Apr May Jun $ 103,521,502 $ 119,049,727 $ (15,528,225) 30,941,856 $ 33.61 $ 63,437,303 $ 40,084,199
May Jun Jul $ 120,289,917 $ 138,333,405 $ (18,043,488) 32,271,278 $ 38.50 $ 75,789,096 $ 44,500,821
Jun Jul Aug $ 128,868,721 $ 148,199,029 $ (19,330,308) 30,829,203 $ 41.64 $ 78,307,409 $ 50,561,312
Jul Aug Sep $ 116,710,511 $ 134,217,088 $ (17,506,577) 31,678,122 $ 38.24 $ 73,893,655 $ 42,816,856
Aug Sep Oct $ 109,398,371 $ 125,808,127 $ (16,409,756) 30,398,456 $ 37.27 $ 69,109,978 $ 40,288,393
Sep Oct Nov $ 106,004,800 $ 121,905,520 $ (15,900,720) 28,826,502 $ 37.31 $ 65,606,524 $ 40,398,276
Oct Nov Dec $ 131,936,220 $ 151,726,653 $ (19,790,433) 32,015,739 $ 43.01 $ 83,996,813 $ 47,939,407
Nov Dec Jan 17 $ 112,265,320 $ 129,105,118 $ (16,839,798) 30,414,676 $ 38.38 $ 71,206,231 $ 41,059,089
Dec Jan 17 Feb $ 120,323,884 $ 138,372,467 $ (18,048,583) 28,498,019 $ 43.94 $ 76,384,380 $ 43,939,504
Jan 17 Feb Mar $ 125,893,853 $ 144,777,931 $ (18,884,078) 30,719,723 $ 44.60 $ 83,576,078 $ 42,317,775
Feb Mar Apr $ 135,592,006 $ 155,930,807 $ (20,338,801) 28,449,138 $ 46.92 $ 81,424,847 $ 54,167,159

$ 1,570,204,974 $ 1,805,735,720 $ (235,530,746) $ 978,971,943 $ 591,233,031

Calculated "savings" due to trigger repeal: $ 591,233,031

Calculated "loss" due to rate reduction, assuming trigger would not have been activated: $ (235,530,746)

Tax savings from trigger repeal AND rate reduction combined: $ 355,702,285