The next Petroleum Technology Luncheon is on Tuesday February 13th.
Long Beach Petroleum Club
3636 Linden Avenue
Long Beach, CA 90807
Registration: 11:30 AM
Buffet Lunch: 11:30 AM
Presentation: 12:00-1:00 PM
$30.00 members (+$1 credit card fee)
$30.00 for non members (+$1 credit card fee)
$10 for students
Taxation of Mineral Rights and Reserves
Director of Taxes,
California Resources Corporation
Oil and Gas mineral rights and associated reserves are subject to California Ad Valorem property taxes just like other real property such as homes, office buildings, and land. The vast majority of these mineral rights are re-assessed annually by local county jurisdictions. The process is similar to other reserves valuation processes such as the SEC but with some significant differences. This presentation provides perspectives and an overview of the assessment process including:
- Who/What is subject to taxation.
- What methodologies are used.
- Which reserve categories are assessed.
- What administrative remedies are available to the taxpayer.
Brad DeWitt has over 35 years of experience in the California oil & gas industry. He is currently Director Tax for California Resources Corporation handling property tax issues in all oil and gas producing counties in the State. Prior to joining CRC he was a consultant to numerous upstream companies throughout California including reserves valuations, operations, and project management. He started his career in 1981 as a production and reservoir engineer at Elk Hills focused mainly in Stevens zone waterflood. He is a Registered Petroleum Engineer in California and also a SPE Certified Engineer with 35 years membership in SPE. He is currently the Chair of the California Chapter the Society of Petroleum Evaluation Engineers (SPEE) and also serves as on its Board of Directors. Brad is also on the Boards of several other industry related organizations. He holds a Bachelor’s degree from UCLA and Masters in Petroleum Engineering from USC.