Department of Interior Repeals Coal, Oil, and Gas Valuation Rule

The Department of the Interior’s Office of Natural Resources Revenue (ONRR) issued a final rule to repeal the Consolidated Federal Oil & Gas and Federal & Indian Coal Valuation Reform Rule (“Valuation Rule”). The Valuation Rule,  issued on July 1, 2016, aimed at boosting revenue for taxpayers and states by changing how energy companies value sales of coal, oil and gas extracted from federal and tribal land.