Recently, I discovered that Exxon has added XTO as a middle man, sending royalty payments first to XTO and then to Kinder Morgan for processing my payment. This has delayed my payment by 60 days in September. I received NO notice from Exxon, KM, or XTO. After many, many phone calls, ignored pleas for my calls to be returned, etc, I have found out very little, except that XTO is now involved in the loop. Anyone know about this change in accounting practices by Exxon???? And why????
XTO was an independent operator acquired by Exxon a few years ago. Here's a Bloomberg article on the deal.
Since that time, Exxon has been shifting all its North American assets over to XTO. The XTO division of the company essentially runs Exxon's North American onshore oil & gas business.
Nothing shady going on. There are laws and lease provisions that govern when royalty payments must be made, so you might research the rules in your state.
Nothing shady may be going on, however, there isn't much cooperation between XTO and KM over this issue. No one will tell me exactly what is going on. They missed my Sept. payment and can't seem to tell me if I will receive both Sept and Oct. payments at the end of the month. This just didn't affect me, but all of the WI owners from the Yates Field. They don't even seem to know who exactly will issue these payments (either KM or XTO).
I'll try and do the research you suggested.
The thread "Payment of royalties in Texas" found on page 3 of the forums in the Royalty Statement Questions section may be helpful to you.
This one? Royalty Payments in Texas
r w kennedy said:
The thread "Payment of royalties in Texas" found on page 3 of the forums in the Royalty Statement Questions section may be helpful to you.
RT, thank you for that correction. I have been caffiene deprived this morning and I'm multitasking. Buddy Cotten provides some good links in his reply. Have a great day!
Reagan "R.T." Dukes said:
This one? Royalty Payments in Texas
r w kennedy said:The thread "Payment of royalties in Texas" found on page 3 of the forums in the Royalty Statement Questions section may be helpful to you.