Joint Interest Billings

Petroleum Accounting Consultants, PLLC can review your Joint Interest Billings to ensure that you are charging out all  of the expenses that you are allowed to under your joint operating agreements.

Most JOA’s allow the operator to make adjustments within 24 months following the end of the calendar year in which the billings are made.

An example of the types of charges that most joint operating agreements allow the operator to bill out are as follows:

1. Salaries and wages of field employees
2. Material purchased or used on the joint property
3. Equipment furnished by the operator
4. Transportation

The previous list is not all inclusive and is only meant to provide you with an idea of the types of expenses that can be billed out to the other working interest owners.

For more in-depth information on what charges can be billed under COPAS contact one of our consultants today.

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"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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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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