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 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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