The latest in my difficult dealings with XTO is an entry on my statement dated 4/18 for Oil showing -166.72 gross volume calculating to a value of -$343.14 from which they both withheld income taxes and paid severance taxes and subtracted $301.27 from gas production received for other months, leaving me with $46 and change. April was a bad month, but since when do they charge me royalties?
If the reference is 4/18 then that is an adjustment for production month of April 2018 and not for April 2020. It is not uncommon for oil companies to determine that prior month volumes, prices or sales revenues were overstated or understated and to make adjustments. From your note, it appears that the April 2018 oil volumes were overstated by 166.72 bbls. There is also a sales revenue adjustment of 343.14. You need to pull you 2018 check stub to see the original volume and sales and then determine what you were paid for April 2018 production. It would be clearer for the oil company to reverse the entire original entry and then provide a entirely new entry. But many companies just provide the net adjustment figures which can be confusing. The net negative adjustment has offset and reduced income from your current 2020 production.
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Yes that does explain it. The April 2018 report is still in my files and does match up to a sale of oil at that time. That size of adjustment from over two years ago is something I had not seen before. Thank you for your help in reading the dates. Next time I’ll know.
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