MartiCons will review your overhead calculations and procedures to identify areas for improved calculations to recover the allowed contractual overhead in your joint ventures. Our experience tells us that most operators undercharge one or more types of overhead; you should call us so you can be one of the few that recovers all overhead you are contractually entitled to.
Severance Tax Analysis
We will assist you in verifying all deductions and exemptions allowed are taken, file for past deductions and exemptions missed, and set up a system to ensure you pay only what you are legally required. MartiCons keeps up to date on the latest provisions regarding rates, deductions, and exemptions allowed. Additionally, we verify revenues and deductions declared for the county in order to determine validity of taxes paid or abatements filed.
Provisions in gas balancing agreements are as varied as the number of agreements, and our numerous reviews over many years have allowed us to gain a unique and extensive understanding of the different provisions as well as the benefits and challenges of each. MartiCons is the ideal choice to help you design a system to monitor your gas imbalances as a non-operator, or help you design a system to accurately and efficiently account for gas imbalances when you are an operator.
MartiCons provides experience, expertise, and professionalism for special and extended projects to:
- Create gas balancing statements and ongoing procedures;
- Conduct internal process reviews.
- Set up exception monitoring systems.
- Implement and revise boat and helicopter allocation procedures.
- Conduct field inventories.
- Help clear audit backlogs of open audit exceptions and responses.
- Develop procedures for ensuring payroll costs are charged in accordance with governing agreements (field personnel as well as engineers and geologists).
- Review the types of costs billed, as well as those not billed, to make sure operators were in compliance with COPAS Accounting Procedures to ensure that all costs which are chargeable were billed and those costs which were not chargeable were not billed to non-operators.
We have assisted many companies and individuals in filing accurate and complete claims for property, Builder’s Risk, catastrophe, and hurricane damages by making sure the claims include all costs eligible to be included in the claim.
We thoroughly review internal and external documents and expenses generated by you as well as the property’s operator, if applicable, to make sure all costs are correctly classified and quantified in order to maximize your recovery.
Many companies understand that drawing on MartiCons’ collective years of experience in analyzing oil and gas accounting systems and procedures provides a unique perspective as to the proper and efficient internal procedures and controls necessary to handle a wide array of functions. Are all billable costs charged to non-operators? What can be gleaned from efficient desk reviews of joint interest billings? How can systemic audit exceptions be eliminated? How complicated must payroll, boat, and helicopter allocations be? How can you be sure severance taxes are paid correctly? How can you be sure that reporting and payments to royalty and overriding royalty owners are correct?
These are only a few of the internal reviews we have performed over the past few years. Let MartiCons work with you to establish internal controls and procedures to help you become more efficient and ensure you are billing correctly. Many of our staffers worked for major and independent upstream companies, so it is extremely easy for us to put ourselves in your shoes and understand that new procedures must be thorough yet streamlined and efficient from the aspects of time and manpower. Call us to learn how we can help you with your internal needs.