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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Gross Production Tax Refunds

Over the years we have worked with over 70 companies and recovered over $30 million in refunds for those companies. We have obtained refunds for large publicly traded companies and small privately held companies. We have been able to get a a refund of gross production taxes for every client that has retained our services.

Because of our years of experience we are able to obtain these refunds with very little of our clients' time. Based on our experience we are able to identify opportunities that in-house accountants would miss. Outsourcing your gross production tax refunds will result in a larger refund because of our years of experience. Our fees are based on a contingency fee structure so there is no fee is we are not able to recover a refund for your company. Give our office a call today to schedule your free assessment of the refunds that may be available to your company.

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