Utah Petroleum Association announced this week that a company operating in the Uinta Basin is the first in the state to be approved for a special tax credit. KODA Resources recently applied to expand natural gas compression, infrastructure, and production and was approved as the first Upstream Operator under the State’s High Cost Infrastructure Tax Credit (HCITC). “KODA is appreciative of all of the work done by the Office of Energy Development and the Utah Infrastructure Authority to get to [this] approval,” said Ryan Midgett, Chief Financial Officer of KODA Resources. “KODA has been an operator in the Uinta Basin since 2020 and excited about our continued development of this significant natural gas resource. KODA’s continued drilling and development is complemented by the expansion of natural gas gathering and compression in the field and will bring substantial jobs and revenue to the state, tribe and local community.” Midgett also emphasized that this tax credit will further support KODA’s development and allow them to reinvest more money, year after year, in the State of Utah. Utah Petroleum Association President Rikki Hrenko-Browning shared that tweaks to the tax credit over the last few legislative sessions have helped shape the incentive into a valuable tool to support expansion of the oil and gas industry in the state. Congratulations to KODA Resources on receiving the approval as the first operator under the State’s High Cost Infrastructure Tax Credit.
