11/25/24 - 156 New Stories - REAL Environmental & Conservation Leadership In PA: http://tinyurl.com/54ukts8z
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Oil And Gas Invoice Itemization Bill Passes Senate
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Senate Bill 460 (Yaw-R-Bradford), requiring natural gas producing companies to list production detail and all deductions on royalty check stubs unanimously, passed the Senate this week. The bill, sponsored by Sen. Gene Yaw, will require companies producing natural gas to show on each check stub, attachment to a payment form, or other remittance invoice, the total barrels of crude oil or number of MCF (1,000 cubic feet) of gas purchased or volume of natural gas liquids sold; the price received per barrel, MCF or gallon; the total amount of deductions and other production taxes, as well as the interest owners' share of the total value of sales prior to any tax or other deduction, in addition to other items.
"This legislation will provide clear and concise information regarding payment deductions that impact a lessee's overall royalty checks," Sen. Yaw said. "In addition, I have no doubt it will provide uniformity throughout the industry as royalty payments are distributed."
Currently, Pennsylvania does not require gas companies to list deductions from royalties paid to landowners on monthly payments.
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6/13/2011 |
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