Business

AUSTIN—Texas Comptroller Glenn Hegar said this week that state sales tax revenues totaled $2.67 billion in June, 6.5 percent less than in June 2019. The majority of June sales tax revenue is based on sales made in May and remitted to the agency in June.

The combined effects of the coronavirus shutdown and a slumping oil and gas industry have forced some changes to two of Hemphill County’s major annual events: Texas A&M AgriLife’s beef cattle conference, and oil and gas conference.

AUSTIN—On Tuesday, June 16, the Railroad Commission of Texas heard from the state’s oil and gas trade associations, environmental advocacy groups, and several oil and gas producers about the issue of flaring and how Texas can implement meaningful reforms to reduce flaring before oil and gas activity returns to previous highs.

Texas Comptroller Glenn Hegar announced Wednesday he will send cities, counties, transit systems, and special-purpose taxing districts $690.4 million in local sales tax allocations for June—11.7 percent less than in June 2019. These allocations are based on sales made in April by businesses that report tax monthly.

AUSTIN—The Texas Railroad Commission issued a total of 251 original drilling permits in May 2020 compared to 1,050 in May 2019. The May 2020 total includes 208 permits to drill new oil or gas wells, one to re-enter plugged well bores and 27 for re-completions of existing well bores.

Many of the activities that Tanya and Andy Holloway would have reported to county commissioners in Monday’s quarterly update never happened. Livestock shows, the beef cattle conference, 4-H projects, and a gardening partnership with the community center—all of those events, like many others, were either postponed or canceled due to the months-long coronavirus pandemic.

The annual Texas A&M beef cattle short course is going virtual this year due to COVID-19 restrictions.

McNeill is a sixth-generation rancher who grew up working on a commercial cow/calf ranch in southeastern New Mexico and West Texas. McNeill Ranch began using Texas Range Minerals in 1994. Over time, McNeill has seen the results of their specialized mineral program on production and the bottom line.

AUSTIN—The state of Texas is beginning its first-ever regional flood-planning process, and the Texas Water Development Board (TWDB) is looking for nominees to be considered for membership in the 15 planning groups.

The U.S. Department of Agriculture said Thursday it would “provide up to $1 billion in loan guarantees to help rural businesses and farmers meet their working capital needs during the pandemic ... with money from the $2 trillion coronavirus relief package,” Chuck Abbott reports for Successful Farming. “The new program is patterned on USDA’s existing business and industry program but with a higher loan guarantee level and lower requirements for collateral. Loan guarantees assure lenders that the government will pay off a loan if the borrower cannot.”