Welcome to Petroleum Accounting Consultants, PLLC

Since 2002 Petroleum Accounting Consultants has been providing accounting and tax services to oil and gas operators.  Our services range from obtaining severance and sales tax refund for oil and gas operator to revenue distribution and joint interest billings.  

Oil and gas producers face a number of complex accounting and tax situations unique to their industry. Complexities in the various severance tax and sales tax laws make it increasingly difficult to stay abreast of and take advantage of the various tax incentives. We provide our severance tax review service on a contingency fee basis so there is no risk.  We have recovered over $32 million in severance tax and sales tax refunds for our clients' since 2002.  Our firm prides itself in being able to obtain the largest tax refund possible for our client's with very minimal time required from our clients.  

Recent Success

December 6, 2011 Petroleum Accounting Consultants concludes field work at Dallas based oil and gas firm. During field work PAC identified several wells that will qualify for an Oklahoma gross production tax refund.

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December 5, 2011 Petroleum Accounting Consultants one of the premier research tax consultants in the area of Oklahoma gross production tax refunds starts fieldwork to research at Dallas based energy firm.

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December 2, 2011 Petroleum Accounting Consultants continues field work at Oklahoma City based oil and gas operator of over 40 wells. During 2005 Petroleum Accounting Consultants obtained a severance tax refund for this same client of over $80,000. PAC also files 17 gross production tax rebate applications with the Oklahoma Corporation Commission for Tyler, TX oil and gas operator. In less than two weeks after completing field work at their offices PAC has filed 35 gross production tax rebate applications. Previously this operator filed a total of eight 1534 gross production tax applications with the Oklahoma Corporation Commission and they thought they had filed everything that could be filed. Based on the information obtained during the field work portion of PAC’s review PAC anticipates being able to file over 75 gross production tax refund applications.

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December 1, 2011 Petroleum Accounting Consultants starts field work at Oklahoma City based oil and gas operator of over 40 wells. In 2005 PAC obtained over $100k in gross production tax refunds for this operator.

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November 30, 2011 Petroleum Accounting Consultants concludes filed work at Mustang, OK oil and gas operator. During the two days of field work PAC identified several wells which will qualify for a gross production tax refund.

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November 29, 2011 Petroleum Accounting Consultants starts field work reviewing well files at Mustang, OK oil and gas operator

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Featured Service

Severance Taxes

An cost effective alternative to hiring your own accounting staff to complete your severance tax reporting requirements is to hire Petroleum Accounting Consultants, PLLC.

Our consultants can complete your severance tax returns and save you money on salary expense and payroll tax expense. More importantly our consultants are familiar with the various severance tax incentives offered by oil and gas producing states and can take advantage of them, which will save you money on your severance taxes.

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Testimonials

"I found their staff to be very knowledgeable and professional. Because of their knowledge of the rules and requirements, they were able to tell me which wells would qualify for relief. Many wells were eligible that I did not think would be according to my interpretation of the requirements.

I was very pleased with the outcome and the amount of refunds that I received. I look forward to a continuing relationship with Petroleum Accounting Consultants and I highly recommend their services."

Lewis A. Hembree Production Company
Lewis A. Hembree

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