We are paid by Hilcorp for wells in Lea County, NM and Yoakum/Pecos/Gaines Counties in TX.
Their pay statements come via EnergyLink. They are minimum 250 pages long, longest is 790 pages! They want $1,156.00 for an Excel spreadsheet for ONE check!
It is impossible to gleen the information necessary for tax reporting. We have to email them every month for the New Mexico withholding amounts or we’d have to squint at every single line on hundreds of pages (for an amount usually less than $10.00).
Is anyone else experiencing this with them or is it just us?
**Their owner relations folks have been wonderful, I have to say. They’re in an impossible situation, it seems.
This is a problem with the internal Hilcorp accounting system which transmits data to EnergyLink inserting the NM withholding tax by well line so it is broken into many parts. Other companies send a single NM tax withholding figure for the entire check. The 1099-Misc for the year will separately list the NM royalties and NM State Tax Withheld. Withholding is generally about 4.7% or 4.75% of the gross royalties for the years. You can use this as estimate and then adjust at the the end of the year.
I have a tool I’ve been working on that extracts paystubs to excel sheets. Happy to run your paystub through tool if you’re interested, no charge or anything
Lucky u get anything at all. You should have seen it back in 77. Boxes and boxes of Manila folders. IBM copy machine as big as a pool table. Decimals like .026348
We dealt with them knock heads when they bought the field we live in. Maintenance on anything was their last thing on their minds. Then payment on Royalty was never right.