CHK royalty check for December
Just got my royalty check for December and it seems that CHK has decided that they "overpaid" myself and a number of others in my family for February 2012 and just noticed it now. The original unit price was in the vicinity of $2.80 and they have recouped back to the vicinity of $2.30 on wells in at least 5 different sections in south DeSoto Parish. This "error" caused a pretty significant decrease in the monthly royalty-close to an overall reduction of a bit over 32%. And oin one of the wells which is in a section that was held by production, this resulted in my owing them money (the amount "overpaid" exceeded the amount earned for December). Didn't see any other comments on this so wonder if my extended family are the only ones this happened to.
Sure makes me wonder what sort of accounting system CHK has that they don't notice pretty signficant errors for two years. Isn't it fortunate that they found this "error" just about the time they missed their quarter? Poor Carl Icahn probably needs a new jet....
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Replies to This Discussion
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Permalink Reply by JHH on -
Seems a number of O/G companies are changing their accounting systems. Samson... Penn Virginia and now Chesapeake. I wonder if they're an others and if they are all using the same system and having the same problems?
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Permalink Reply by Judy McDaniel on
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For the past two months CHK has deducted $30 each month for the previous month from my royalty payments. No explanation...just a negative amount in the net value column. My checks from Freeport-McMoran, to whom CHK sold 25% of my contract, do not reflect the same reductions and the two checks should track with each other. I emailed CHK and asked them if they are stealing from me (duh). And, no, I do not believe CHK has changed their accounting system....it is the same crooked one they have been using all the time.
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Permalink Reply by Greedy Landowner on
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They are beginning to realize just how much they can get away with in Louisiana.
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