SECTION 1. PURPOSE

This notice provides the applicable reference price for qualified natural gas production from qualified marginal wells during taxable years beginning in calendar year 2022 for the purpose of determining the marginal well production credit (MWC) under § 45I of the Internal Revenue Code. The applicable reference price for taxable years beginning in calendar year 2022 is $3.43 per 1,000 cubic feet (Mcf).

This notice also provides the credit amount used for the purpose of determining the MWC for taxable years beginning in calendar year 2022. The credit amount is determined using the 2022 inflation adjustment factor of 1.3950 and the applicable reference price of $3.43 per Mcf. The credit amount for taxable years beginning in calendar year 2022 is $0.00 per Mcf.