Anybody else missing Jan/2024 payments? Left msg & email to no avail… Thanks in advance, Martha Martin
INEOS took over paying on the Chesapeake wells they purchased last year. My payment was later than usual, but did show up on the last day of January in my bank account late on the 31st. Hope yours showed up.
Help, please. Repsol didn’t pay me for January’s royalties because “they were audited and had to run adjustments going back to 2018…my balance for 1/24 was ($515.00). Anyone else have this issue? Think the statute of limitations for adjustments in Tx is 5 years. Input, please! Thanks in advance, Martha
Operators are not subject to the statute of limitations for adjustments and can go back to 2018. Mineral owners are subject to 4-year statute of limitations to protest a payment, based on the payment date. So you will have 4 years to protest the adjustments. A lot of companies are auditing and making changes recently. These are often referred to as Prior Period Adjustments (PPA). PPA can be for volumes, prices, costs, severance taxes, etc. or a combination of factors. You should receive extensive check detail for this, most likely when your royalties cover the negative balance.
I was in a class action suit with Talisman, recovering monies owed from 2014. Very attuned to PPA’s and their offsets, (I’m a Banking Exec). The check stubs will hopefully explain the issue and what they’re doing…. Thanks for your input.