Interpreting royalty checks from oil and gas companies can be confusing. The information laid out on the check stubs isn’t always clear, if the information is there at all.
Ohio state Rep. Jack Cera heard that feedback from his constituents and others throughout the region for years. Cera, D-Bellaire, introduced legislation last year that would standardize the information sent out with royalty checks for landowners.
House Bill 55 would require 15 different items to be included on a statement with the royalty check. Right now, the Ohio Revised Code requires producers to report three things and only if the royalty owner requests that information.
Those three things are the volume of natural gas for which the royalty owner is being paid, the price per thousand cubic feet the producer received and the volume of natural gas that passed through the well’s meter.
Most oil and gas companies already report the required information automatically with the landowner’s monthly royalty checks.Read on by clicking right here.