Art. 47.13. PETROLEUM PRODUCT. (a) In this article, "petroleum product" means crude oil or condensate. (b) Notwithstanding any other provision of this chapter, an officer who takes custody of a petroleum product alleged to have been stolen may arrange for the total amount of the petroleum product to be sold at a price that is equal to: (1) in the case of crude oil, the price of the same quantity of West Texas Intermediate crude oil, as calculated based on that crude oil's closing price recorded on the New York Mercantile Exchange (NYMEX) on the date preceding the date of sale; or (2) in the case of condensate, the price of the same quantity of natural gas liquids as calculated based on the U.S. natural gas liquid composite price recorded on the New York Mercantile Exchange (NYMEX) on the date preceding the date of sale. (c) The proceeds of the sale may be deposited in the manner prescribed by Article 18.183 for seized money and disposed of in accordance with this chapter and Chapter 18 . (d) A law enforcement agency may contract with a private entity to sell a petroleum product in accordance with this article.
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.