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(a) For purposes of this chapter, the sales price for oil or gas is the cash value of the full consideration being given in receipt for oil or gas transferred from a producer in an arm's-length, third party transaction.
(b) Repealed 1/1/2000.
(c) In an exchange, the cash value for purposes of (a) of this section of the crude received in the exchange is
(1) the average spot price of the crude received that is published during the month that corresponds most closely to the pricing period identified in the contract for the crude received, if the crude received is priced by reference to a crude other than ANS and a pricing period is identified in the contract; or
(2) the average spot price of the crude received that is published during the month of delivery of the crude received, if the crude received is priced by reference to ANS or if a pricing period is not identified in the contract.
(d) If oil or gas is sold under a contract that contains a provision for reimbursing the producer for all or any part of the production taxes paid by the producer for that oil or gas, full consideration for purposes of (a) of this section includes the amount of the tax reimbursement received by the producer.
History: Eff. 1/1/95, Register 132; am 1/1/2000, Register 152; am 1/1/2003, Register 164
Authority: AS 43.05.080
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Last modified 7/05/2006