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Geological and Geophysical Costs Now Amortizable Over 24 Months for Certain Non-E&P Companies

Generally, any geological and geophysical (G&G) expenses paid or incurred in connection with the exploration for, or development of, oil or gas within

New PA Withholding Requirement on Royalties, Bonus Payments, Rents and other Business Income

Under Act 43 of 2017, anyone that pays Pennsylvania-source non-employee compensation or business income to a non-resident individual or disregarded entity

Like-Kind Exchange Repealed for Equipment - Opportunity Still Exists for Mineral Rights

Effective after December 31, 2017, the Tax Cuts and Jobs Act repealed the favorable tax deferral treatment to company cars, drilling rigs, mining equipment

Significant Tax Savings Now Available for Purchased Equipment and Other Tangible Property

The Tax Cuts and Jobs Act provides an enormous tax benefit to taxpayers investing in capital asset additions: the Act increases the bonus depreciation
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Marginal Well Credit Creates Major Opportunity to Reduce Taxes

The marginal well credit (MWC), generally unavailable since its enactment in the early 2000s due to price limitations, is now available for natural gas

Annual Oil and Gas Update Sheds Light on Current State of the Industry

The oil and gas industry in the United States has been somewhat depressed of late, with a decline in the number of active rigs from the record highs of

A Whole Lot of Wells, Not a Lot of Money

Within Pennsylvania lie masses of unplugged and abandoned oil and gas wells. While that may elicit a “so, what?” response from the general

OPEC Cuts vs. U.S. Shale Recovery

On November 30, at their last meeting in Vienna, Austria, the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers, led by Russia,
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MIT Study Suggests U.S. Vastly Overstates Oil Output Forecasts

Researchers at MIT have uncovered issues with the U.S. Energy Department’s official forecast for oil output, which may vastly overstate oil and gas

Potential Permanent Fracking Ban May Have Big Impact in PA

Hydraulic fracturing – or “fracking,” as it has come to be known – is a hot topic these days. The fracking process, which involves
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