- Associated Press - Wednesday, October 5, 2016

OKLAHOMA CITY (AP) - Devon Energy Corp. has resigned from the Oklahoma Independent Petroleum Association.

The Oklahoman reports (http://bit.ly/2dsswsn ) that a resignation letter from Chief Operating Officer Tony Vaughn, chief operating officer of the Oklahoma City-based energy company, says OIPA’s board structure does not lend itself to the needs of active drillers.

OIPA President Mike Terry says the association regrets Devon’s decision to leave.

Policy issues that have split the Oklahoma energy industry in the past several years include whether a gross production tax rebate for at-risk wells should be capped or eliminated.

The state’s $1.3 billion budget shortfall made the at-risk well rebate program a tempting target for Oklahoma lawmakers, who approved a $12.5 million cap during the legislative session. The rebate program was projected to cost the state $133 million in 2015.

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Information from: The Oklahoman, http://www.newsok.com

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