American Oil and Gas Reporter - August 2017 - 97

ConventionSection: Kansas Independent Oil & Gas Association
"It is important that Congress pass
the REINS Act. It would make it a lot
harder for what I call the fourth branch
of government-the administrative branch-
to exert power over Congress and basically
make law," Powell says.

Tax Concerns
Congress also continues its efforts to
rewrite the federal tax code, Cross says,
with legislators expressing hope that some
reforms will pass this calendar year.
"There always will be some lawmakers
who want to impose new taxes on the oil
and gas industry," he assesses. "I don't
know if there will be new taxes, but
some in Congress want to take away tax
provisions that are crucial cost recovery
mechanisms for small operators, including
percentage depletion."
Powell points out that percentage depletion is especially important for those
producing 1,000 barrels a day or fewer.
"If the government takes percentage depletion away in exchange for, say, a 20
or 25 percent tax rate, that really will
hurt small producers because the effective

rate from percentage depletion probably
brings that down to 10 or 12 percent," he
estimates.
"The double whammy is, they are trying to figure out how to deal with the
pass-through tax provision. If you are a
pass-through entity, and you pay a personal
tax rate of 30-35 percent, then they are
not able to do anything on that. If they
then take away percentage depletion, you
really are hurt," he says.
Because of the way the tax code handles
percentage depletion, Powell notes that
oil and gas producers have a natural alliance
with mine owners. He points out many of
those mine owners live in states with
Democratic representatives and senators.
However, Powell notes that the industry
will be losing the support of Congresswoman Lynn Jenkins when she retires
after the 2018 session. "Whoever takes
Jenkins' seat probably will not be on the
House Ways and Means Committee," he
predicts. "She is a strong voice for the
oil and gas industry on that committee. It
would be nice to get percentage depletion
saved before Jenkins leaves office."

August Meeting
Industry's possibilities as well as its
problems will be covered by the annual
meeting, Powell says, adding he was personally involved in securing Alex Epstein,
author of The Moral Case for Fossil
Fuels, as one of the keynote speakers.
Powell also pushed for including a presentation on hedging to reduce commodity
price risks, he says.
Powell says Epstein will open the meeting as the keynote speaker for the breakfast
buffet on Monday, Aug. 14. He says Epstein
will discuss a topic otherwise untouched
in the mainstream media: how much good
the oil and gas industry has done, it is
doing and will do, in terms of bettering
people's lives and the environment.
The hedging presentation will help
Kansas operators participate on the same
playing field as shale producers, and encourage them to hedge at higher prices
to reduce downward risks and increase
their average oil prices, he describes.
"Once prices approach $55 a barrel,
you are going to see shale players hedge
out. It happened last time," Powell says.

KIOGA Annual Meeting - Wichita, Ks.
Sunday, Aug. 13

1-7 p.m. Registration, Connecting Lobby,
Wichita Century II Performing Arts &
Convention Center
2-4 p.m. Board of Directors and General
Membership Meeting, Cypress Room A,
B
4-7 p.m. Trade Show, Expo Hall
4-6 p.m. Cocktail Mixer, Expo Hall
Music, John Goering
6-10:30 p.m. Chairman's Reception, Convention Hall
Music by Segue

Monday, Aug. 14

7 a.m.-7 p.m. Registration, Connecting Lobby, Wichita Century II Performing Arts
& Convention Center
7:30-9:15 a.m. Buffet Breakfast, Convention
Hall
Speaker: Alex Epstein, President and
Founder of Center for Industrial Progress,
"How to Win Hearts and Minds"
9 a.m.-5 p.m. Trade Show, Expo Hall
10 a.m.-11:30 p.m. Morning Seminar: "Energy Policy: A New Era Emerges"
Panelists (Invited): U.S. Senator Pat Roberts,
R-Ks.; Congresswoman Lynn Jenkins, RKs.; Congressmen Kevin Yoder, R-Ks.,
and Ron Estes, R-Ks.

Moderator: Edward Cross, KIOGA President
10-11:30 a.m. Morning Seminar: "Trending
Insurance Issues," Redbud Room B, C
Panelists: John Delmez, Travelers Oil &
Gas; Stan Jackson, Insurance Planning;
David McKinney, IMA Inc.; and Landon
Plumer, IMA Inc.
11:30 a.m.-12:30 p.m. Dave's Diversion,
Expo Hall
11:30 a.m. Ladies' Luncheon
12:30-2 p.m. Annual Membership Luncheon,
Convention Hall
J.C. Watts, President and Chief Executive
Officer, Watts Partners, "Energy and the
Current Landscape"
12:45 p.m. Tour of Grace Hill Winery
Meet at Hyatt Parking Garage Entrance at
10:30 a.m. for Transportation
2:30-4 p.m. Afternoon Seminar: "Introducing
and Understanding Seismic," "Advancing
Seismic Topics and Case Studies," Cypress
Room A
Russ Opfer, Lockhard Geophysical Company
2:30-4 p.m. Afternoon Seminar: "Using Forward Markets to Replace Commodity
Price Risk," Redbud Room B, C
Panelists: Nicholas Dazzo, Koch Supply &
Trading LPs' Derivatives Trading Group;

Bryan Looper, DEVO Capital Management; James McCallie, HedgeRight Energy
Solutions
2:30-4 p.m. Afternoon Seminar: "Kansas
Oil and Gas Taxation: Minimizing the
Burden," Redbud Room A
Panelists: Jonathan A. Schlatter, Law Offices
of Morris Laing; Trevor C. Wohlford,
Law Offices of Morris Laing
5-7 p.m. Cocktail Party, Connecting Lobby
Music by Friends University Faculty Jazz
Quartet
7 p.m.-11 p.m. Nick's Night in Havana,
Convention Hall
Music by Swing Latino

Tuesday, Aug. 15

9 a.m. Annual Golf Tournament, Crestview
Country Club, Wichita, Ks., North and
South Courses
9 a.m. Sporting Clays Tournament, Shady
Creek Sporting Clays, Belle Plaine, Ks.
10 a.m. Ladies' Brunch
11 a.m. Tour of Museum of World Treasures
Meet at Hyatt Parking Garage Entrance
at 9:30 a.m. for Transportation
1:30 p.m. Bingo Bash, Hyatt Regency
Riverview Room
3-5 p.m. Gin Rummy Tournament, Crestview
Country Club
AUGUST 2017 97



Table of Contents for the Digital Edition of American Oil and Gas Reporter - August 2017

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