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Chesapeake 1099



Started February 2, 2017 at 03:25 pm by @Robert F Kramer in GoMarcellusShale

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Robert F Kramer
02/02/17 03:25:09PM
@robert-f-kramer

Received my 1099 from CHK the other day and notice on the back a "Production Tax".I added up my statements for the year(2016)and found out that iI received the amount after the tax was deducted, but am paying tax on full amount shown in Box 2! Has anyone else noticed this and what can be done about it? This doesn't sound right.

Bob

Nancy Mosley
02/02/17 11:22:07PM @nancy-mosley:

I am not an accountant, nor do I have any interests with Chesapeake, but I count the gross (the full amount) as the amount received, and the amount deducted as a deduction. Remember that there is also a depletion allowance of 15% of the GROSS which is why it is important to have both the gross and the net.


russell s moody
02/07/17 02:40:21PM @russell-s-moody:

why is chesapeaka paying much less the other gas company?


frank speaker
02/07/17 07:36:33PM @frank-speaker:

Chesapeake Operating sells its product to Chesapeake Energy. What happens after that is anyone's guess, but you are paid royalties on the price Chesapeake Operating is paid, which has been lessened by the unreported expenses of Chesapeake Energy. Get it? What is the other company to which you refer?

 


russell s moody
02/08/17 08:40:43AM @russell-s-moody:

chief and mitsui

chief paid me 6750.00 and mitsui paid 3200.00 and Chesapeake 1600.00 this was 2016  

chief has 33.75   of well persent mitsui 16.25 and Chesapeake 33.75 I feel that Chesapeake beat me out of 5100.00. looks like I need a lawyer


frank speaker
02/08/17 11:29:11AM @frank-speaker:

That is very interesting and informative. Assuming you have the same percentage royalty for each contract, the difference is in the reported expenses and the basis of the price,  which Chesapeake keeps secret. You will have to join one of the appropriate lawsuits pending, depending on your state, whether you have an arbitration clause and what is permitted in your lease. Your experience may prove very valuable to forwarding these suits, and you shouldn't have to pay for a separate attorney.  I'm not aware with what has been going on lately, but I think its time I become aware. Please keep in touch.


russell s moody
02/08/17 11:47:30AM @russell-s-moody:

how do I get contact with an attorney


russell s moody
02/14/17 01:24:49PM @russell-s-moody:

does anyone know how to contact an attorney to file chargers on Chesapeake oil??


frank speaker
02/14/17 02:31:07PM @frank-speaker:

If you open the latest response to me under the discussion on well audits, it gives the names of attorneys who filed suit late in 2015. As I understand it, the plaintiffs in this suit had arbitration clauses, while the other suit mentioned may not have required arbitration. So some people must file in court and others file or refile in arbitration and everyone will be awaiting the results of the other. Meanwhile, you might wish to join one or the other of these suits if they are still active, depending on your lease terms. I suggest you Google Mark A. Hutson of Columbiana or James A. Lowe of Cleveland to get phone numbers.


russell s moody
02/15/17 07:30:03AM @russell-s-moody:

ok thanks for the info


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