Over three decades ago, Dix (1955) derived an approximate equation for the determination of interval velocity from observed reflection seismic data. Assuming a stack of m horizontal layers, with interval velocities [Formula: see text], layer thicknesses [Formula: see text], j = 1, m, and near‐vertical raypaths, Dix (1955) showed that [Formula: see text]where [Formula: see text] and [Formula: see text] are the two‐way vertical times and [Formula: see text] and [Formula: see text] are the root‐mean‐square (rms) velocities to interfaces j + 1 and j, respectively.