Does anybody have any insight as to why Exxon/XTO has not paid December royalties (Oct production). It seems that even if no payment was due they would send a detailed statement to EnergyLink.
Check detail is only uploaded to EnergyLink when a check is issued. If an account is below the minimum, then when a check is issued later, the detail will cover all production months since the last check.
For what it’s worth this is what I got back from Exxon/XTO.
The reason why there was no check issued in December is related to a timing matter: revenue accountants booked revenue after the time in which the check write was processed.
The royalties for December are on payables and they will be included in your next check write.
Depending on when they are booked depends on when the properties will pay out.
There are multiple accountants that book for one owner, so it is unlikely that we can expect their bookings to sync up and fall in on deadline. Depending on the property, some oil teams book based on a severance tax deadline and not the close deadline for check write, so that can cause a variance in which check write the property is paid out.
Right, it’s just an overcomplicated answer that sounds like bookings and reversals could have occurred, or minimum check release is in play. Any adjustments, and all production, will reflect on your statement when you receive payment.
Just got my check info for Dec and Jan. Looking at the details there are hundreds and hundreds of adjustments going back to Jan 2023.
What causes/triggers this? How can there be that many mistakes they need to correct? It’s not the first time. It seems to happen quiet often. If I downloaded the data to excel I’d bet I’d find adjustments to adjustments.
Happens all the time. If they need to put a new meter on a well, then new calculations may happen. New accounting system, new correction to one mineral owner may affect everyone, new gas-oil ratio computations. Can be many reasons.
Unfortunately, I can relate. (8 older wells in a Unit in Cherokee Co., TX) I have had multiple (unsatisfactory) emails with them. Owner Relations is useless–I’ve rec’d that same blah, blah canned response. These are older wells, production is down and gas prices are down–in other words I don’t get enough to warrant hiring someone to get to the bottom of this.
Started with Nov. 2023 check…had 72 pages of reverse/rebook going back to 12/2018.
December 2023 check looked normal…2 pages of check stub info (“normal” is 2-3 pages).
March 2024…paying significantly less…15 pages.
April 2024…slightly larger payment…36 pages
May 2024…small amount…18 pages
August 2024 slightly more…20 pages
NOTHING SINCE…I clearly need to contact them again.
This is crazy…how can they not know what they were PAID for years??
Something definitely smells bad here…(I wonder/suspect if “AI Optimized” new software involved?)