Posts Tagged ‘Oil & Gas’

What Is The Petroleum Activities Tax and How Does It Affect My Business?

Monday, March 10th, 2014

Remember the CAT—the Commercial Activity Tax? Well, there’s another acronym you’ll need to get familiar with – the PAT, the Petroleum Activities Tax. Starting July 1, any receipts from the sale of motor fuel will be excluded from Commercial Activity Tax (CAT) receipts. That means if you’re a supplier of motor fuel, you’ll have to pay the replacement Petroleum Activities Tax (PAT), measured by your gross receipts for first sales of motor fuel outside of the distribution system in Ohio.  (more…)

How Does Worker Classification Impact Companies In The Oil & Gas Industry?

Thursday, September 12th, 2013

As an employer in the oil and gas industry, historically you may have found it better for your company to hire independent contractors rather than employees. You probably paid your contractors flat day rates rather than an hourly wage. But now these practices are being challenged and companies of all sizes — including oil and gas companies — are being audited by the U.S. Department of Labor (DOL).  (more…)

How Can A Business Plan Prepare You for Your Future In the Oil & Gas Industry?

Wednesday, July 24th, 2013

As a business owner in the oil and gas industry, you may have a substantial and noble strategic vision for your company. You may even be thinking that the list of possibilities for what your company can become is endless. But wait… how do you reach your business goals and get to where you want to be?  (more…)

How Does the Ohio Budget Bill Impact Oil and Gas Producers?

Friday, July 12th, 2013

By now you’ve heard that Ohio Governor John Kasich signed Ohio’s new budget bill into law. Luckily, the severance tax on oil and gas production was removed from the bill a while back. However, that doesn’t mean that there aren’t other components that you need to be aware of.  (more…)

Looking To Stay Up-To-Date On Ohio Oil & Gas News?

Thursday, June 6th, 2013

The oil and gas industry in Ohio is constantly changing. So if you’re involved in the industry or are looking to break into the industry, it’s important for you to stay up-to-date on what’s happening. If you haven’t checked out, Ohio Gas & Oil Magazine, then I highly recommend you do. This monthly publication covers an array of topics from government regulations to industry best practices.  (more…)

New Tax on Shale-Related Rent Monies and Landowner Royalty Payments

Wednesday, May 22nd, 2013

If you receive shale-related advance rent monies or landowner royalty payments from an existing well, you should be aware of a potential increase in tax that may hit in 2013. With the passing of the Patient Protection Act, a new tax provision took effect in 2013 – and it could impact the amount of tax you need to pay when you receive your royalty and rent payments. (more…)

Is Safety Key to Working with Big Oil?

Thursday, January 10th, 2013

Do you operate a safe business? Of course you do. But is your safety to the level it needs to be to work with the “Big Oil” companies?

The Utica shale boom has presented tremendous opportunities for businesses, like yours, that can somehow assist in the production of oil and gas. However, dealing with Big Oil is unlike dealing with your typical customer. If you’ve yet to discover this yourself, you need to know how to play by their rules. And the first one you’ll need to comply with is safety. (more…)

How Can Your Ohio Business Benefit from the Utica Shale Play?

Wednesday, December 5th, 2012

Ohio is in the early stages of what may be a large oil & gas boom. The state overlays a large shale play called the Utica Shale. However in recent months, news from the oil patch has slowed as oil & gas companies have cut back on efforts to lease additional mineral interests, and are instead focused on exploration. But while news of the play has been quiet, that doesn’t mean the business opportunity is any less. (more…)

How Can Lease Holders Benefit from the Utica Shale Play?

Friday, October 5th, 2012

Much has been written about the Utica shale development phenomena since it first arrived on the scene in eastern Ohio. The topics of discussion are numerous and include tax planning and environmental impact, just to name a few.  But, for the most part, discussion of the Utica shale involves two main parties of interest:

  • Acquisition/exploration/production companies and supporting casts
  • Landowner/mineral interest entities (“lease holders”) (more…)