For most working interest oil producers, you would multiply your gross income by 15% to determine your percentage depletion.
More info from the OnDemand Tax Guidance within TurboTax:
Percentage Depletion Is calculated by taking a certain percentage, based upon the type of mineral, by your gross income from the mineral property during the year. Gross income includes the amount received for the minerals but not amounts paid for rents and royalties for the property. The deduction using this method cannot be more than 50% of your taxable income from the property without taking into account the depletion deduction. Percentage depletion generally does not apply to oil and gas wells.
Small Producers Exemption:
Generally, small oil and gas producers and royalty owners can use percentage depletion at a rate of 15%. The deduction is limited to the lessor of your taxable income from the property without regard to the deduction for depletion, or 65% of your taxable income from all sources without regard to the deduction for depletion.
Depending on the purpose of the extraction, the depletion rate may be different, in a range from 7% to 22% (see 26 U.S. Code § 613 - Percentage depletion for a complete list).
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