H.R. 1: Legislative update and outlook for oil and gas and chemicals 

The final budget reconciliation legislation (H.R. 1), signed into law on July 4, 2025, contains several provisions that impact the oil and gas and chemicals sectors. Join EY leaders across tax, strategy and transactions for a forward-looking webcast exploring the legislative reconciliation package and its implications for oil and gas and chemicals companies, as well as those parties invested in the space. The team will provide an update on the current landscape and discuss criticalities to success.

Topics discussed include:

• Legislative provisions with potential impacts to oil and gas and chemicals, including:
  • Onshore leasing, offshore oil and gas leasing, royalties on extracted methane and methane fees, cost recovery and accounting method provisions, and bonus depreciation for qualified property
  • Modification of the IRC Section 45Q carbon sequestration credit, repeal of the IRC Section 45V credit for the production of clean hydrogen, transferability of credits, and the addition of income from hydrogen storage and carbon capture to qualifying income of certain publicly traded partnerships
  • Research and experimental expenditures and IRC Section 179 expensing
  • International provisions that could impact oil and gas and chemicals companies with foreign operations
• An overview of our latest EY US oil and gas reserves, production and ESG benchmarking study
• The outlook for oil and gas and chemicals sectors and their capital spending, strategy, mergers and acquisitions, and enterprise planning during today’s landscape