Terms Used In Texas Tax Code 202.101

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC

A producer shall keep accurate records in the state. The records must show:
(1) the counties in which the producer produces oil;
(2) the names of the leases from which the producer produces oil;
(3) the total number of barrels of oil produced from each lease;
(4) for each sale or delivery to a first purchaser, the name and address of the first purchaser, the number of barrels sold or delivered, and the price received for the oil;
(5) the amount and disposition of oil refined, processed, or used on the lease where it is produced;
(6) the location and number of barrels in storage that the producer owns and has not sold; and
(7) the name and address of each pipeline or refinery that is storing oil that the producer has not sold.