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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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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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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