When are royalty payments processed?
Payments are processed at the end of each month. Payments are mailed or directly deposited if your account has reached the minimum pay amount, which in most cases is $100. Once your revenue reaches the minimum pay amount, a payment will be disbursed at the end of that month. Accounts that do not reach the minimum pay amount are paid annually at the end of the December.
What do I do if I haven’t received my royalty payment?
Please allow 30 business days for delivery by the US Postal Service before reporting a missing check. If your check has not arrived within 30 days, notify us, and the check will be voided 60 days after the check date. After the void, the funds will be reissued during the next month’s revenue process. A separate payment will not be issued, the reissued funds will be included with the next payment issued. PennEnergy encourages signing up for Direct Deposit to avoid such delays.
How to reissue a stale dated check?
Revenue checks are stale dated 90 days after issue. Mail the check to PennEnergy’s Land Administration Department, with a letter requesting a reissue.
Why does my payment amount vary from month to month?
Many factors may cause your payment to vary, including but not limited to: market conditions, suspended payments, adjustments (including any overpayments or underpayments), fluctuating commodity prices, regulatory or contractual changes, production volumes, seasonal conditions and routing maintenance or operating issues which may affect the volumes produced from a well during a given time period.
How to withhold federal taxes from my royalty payments?
Federal tax withholding requests must be submitted in writing, signed, & include your Social Security Number. The Federal tax withholding rate as required by the Internal Revenue Service is 24%. If you have not provided a valid Social Security number or EIN we are required to withhold federal taxes.