Oil and Gas Produced Water Recycling and Reuse Act - SB743

• Establishes the "Oil and Gas Produced Water Recycling and Reuse Act" codified in Title 52, Oklahoma Statutes, transferring legal title of produced water to the operator when separated from oil and gas production.

• Declares that statutory transfer of produced water title and constituent elements from surface estate to producer constitutes a necessary public taking under Oklahoma Constitution Section 24 of Article II.

• Sets just compensation at zero dollars when no skim oil or constituent elements are extracted for commercial purposes and produced water is either disposed of as waste or reclaimed reuse proceeds do not exceed reclamation costs minus disposal costs avoided.

• Requires one-eighth (1/8) royalty payments to surface owners when skim oil is recovered and sold, constituent elements are extracted for commercial use, or reclaimed water value exceeds reclamation costs; facility operators must allocate volumes based on monthly barrel ratios and report to Tax Commission.

• Grants liability protection to facility operators who reclaim produced water suitable for oil and gas operations and transfer it with contractual understanding for such use, while preserving liability for personal injury, death, or property damage from exposure; bill takes effect immediately upon passage as an emergency measure.