Investor Presentaiton
2021-23 and 2023-25 BIENNIUM OIL REVENUES
Compared to November Executive Forecast
OFFICE OF MANAGEMENT AND BUDGET
2021-23
November 2022
Tribal Allocations
Allocation
Counties and Cities
Legacy Fund
Foundation Aid Stabilization Fund
Common Schools Trust Fund
Revised Forecast
$847,909,596
708,716,390
1,592,957,865
March 2023
Revised Forecast
Change
November 2022
Executive Forecast
2023-25 (Based on Current Law)
March 2023
Revised Forecast
Change
$840,808,922
703,424,956
($7,100,674)
(5,291,434)
$686,537,775
682,952,584
$671,281,380
($15,256,395)
667,775,860
(15,176,724)
1,597,296,037
4,338,172
1,372,406,975
1,341,909,042
(30,497,933)
254,552,125
255,026,052
473,927
224,390,545
219,404,088
(4,986,457)
254,552,125
255,026,052
473,927
224,390,545
219,404,088
(4,986,457)
Resources Trust Fund
517,631,855
518,603,405
971,550
455,800,617
445,578,381
(10,222,236)
Renewable Energy Development Fund
3,000,000
3,000,000
3,000,000
3,000,000
Energy Conservation Grant Fund
1,200,000
1,200,000
1,200,000
1,200,000
Oil and Gas Research Fund
14,500,000
14,500,000
14,500,000
14,500,000
State Energy Research Fund
5,000,000
5,000,000
5,000,000
5,000,000
North Dakota Outdoor Heritage Fund
15,000,000
15,000,000
15,000,000
15,000,000
Abandoned Well and Site Reclamation Fund
15,000,000
15,000,000
15,000,000
14,970,573
(29,427)
General Fund
400,000,000
400,000,000
400,000,000
400,000,000
Tax Relief Fund
200,000,000
200,000,000
200,000,000
200,000,000
Budget Stabilization Fund
9,646,249
9,646,249
State Disaster Relief Fund
15,511,903
15,511,903
3,500,000
Municipal Infrastructure Fund
Airport Infrastructure Fund
115,000,000
115,000,000
115,000,000
3,500,000
115,000,000
County/Township Infrastructure Fund
115,000,000
115,000,000
115,000,000
115,000,000
20,000,000
20,000,000
20,000,000
20,000,000
Lignite Research Fund
10,000,000
10,000,000
10,000,000
Strategic Investment and Improvement Fund
898,554,781
913,858,454
15,303,673
693,963,459
10,000,000
658,282,588
(35,680,871)
Total Oil and Gas Taxes
November 2022 Forecast
$6,013,732,889
Oil Price Range for the Remainder of the 2021-23 Biennium:
Oil Price Range for 2023-25:
Oil Production Assumption:
March 2023 Forecast
Oil Price Range for the Remainder of the 2021-23 Biennium:
Oil Price Range for 2023-25:
Oil Production Assumption:
$6,022,902,030
$9,169,141
$5,257,642,500
$5,140,806,000 ($116,836,500)
$80.00 decreasing to $75.00 per barrel (ND Price)
$70.00 per barrel for FY24; $65.00 per barrel for FY25
1.10 million barrels per day for the 2023-25 biennium
$75.00 per barrel (ND Price)
$70.00 per barrel for FY24; $62.00 per barrel for FY25
1.10 million barrels per day for the 2023-25 biennium
Note: For comparison purposes, the November executive forecast allocations for the 2023-25 biennium has been adjusted to reflect current law.
LO
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