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 2024 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 2024 is $2.04 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 2024. The credit

amount is determined using the 2024 inflation adjustment factor of 1.5447 and the applicable reference price of $2.04 per Mcf. The credit amount for taxable years beginning in calendar year 2024 is $0.77 per Mcf.