Gas Marketing Refunds

Oklahoma gross production tax law allows for a reduction in 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 common 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 that they originally filed.  To further complicate matters, the Oklahoma Tax Commission requires operators to provide them with copies of the gas purchase statements they received from the purchaser. 

Most operators outsource this task due to the before mentioned hurdles and the time it takes to come up with the deductible costs.

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Testimonials

"I have been extremely pleased with results Petroleum Accounting Consultants, PLLC has obtained for my company. The professional and knowledgeable staff obtained a substantial refund of tax dollars that we would not have had the time or the expertise to recover ourselves.

In order for them to perform their review it took less than one hour of my time. All that was required of me was to show their staff where the well files were and they took it from there. They completed all the necessary filings with the state agency's to obtain the refund and all I had to do was sign the refund checks.

It has been a great pleasure to deal with Petroleum Accounting Consultants, PLLC and we will continue to use their services. I would strongly recommend that all oil and gas operators contact Petroleum Accounting Consultants, PLLC to perform a review of their severance taxes."


Centaur Resources, Inc. - Ernest G. Brewer Jr.

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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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