Texas comptroller reduces collection forecast by $4.6 billion after oil, gas slump

Photo: James Durbin

Several Texas oil and gas producers have either filed for Chapter 11 bankruptcy protection or have missed interest payments and are heading toward restructuring.

AUSTIN – State Comptroller Glenn Hegar on Tuesday reduced his projection of tax collections for the current two-year budget period by more than $4.6 billion due in large part to a bigger-than-expected oil and gas slump.

“It’s very volatile,” Hegar said in an interview as he released his updated revenue estimate, revising his January projection. “Lower oil prices have impacted severance tax collections but …….. read more here.

By Peggy Fikac

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