Gas Marketing Refunds

Oklahoma gross production tax law allows for a reduction from gross value the costs incurred to get natural gas to market.  An operator must calculate the gas marketing expenses incurred on a well by well basis and submit a refund request to the Oklahoma Tax Commission.  Since it is comon practice in Oklahoma for the purchaser to withhold the gross production tax from the seller and file the monthly report with the Oklahoma Tax Commission the operator must obtain permission from the purchaser to amend the report they originally filed.  To further complicate matters the Oklahoma Tax Commission required operators to provide them with copies of the gas purchase statements they received from the purchaser. 

The before mentioned hurdles the Oklahoma Tax Commission required operators to clear for a gas marketing refund and the time it takes to come up with the deductible costs is why most operators outsource this type of task. 

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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

"It is a pleasure for me to recommend Petroleum Accounting Consultants, PLLC. They performed research of our files, preparation of data and preparation of the applications for properties that qualify for a refund of gross production taxes. The professionalism, the work ethic, with a minimum disruption of our normal work has made the tedious research necessary to apply for the refunds a reasonable project for a small firm such as ours."

Bird Oil & Gas, Inc. - Billy C. Griffin, P.E.

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