EQT Gas Prices Paid (Let's Compare)

EQT is paying 1.44 for gas in Wetzel. Anyone else getting that little...or more?

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Permalink Reply by Jeff Kerr on October 21, 2015 at 9:48am

its on the stub 79 cents is what it sold for . they are taking deductions out all so Deductions more than the check. our well is on low out put now to hope prices rebound. its a rip off as I see . I don't know what's going on. They said that was all they got. 

Permalink Reply by Dalmorloson on October 20, 2015 at 3:43pm
New to this too. I have recieved 2 royalty checks so far. 1st was for June gas sales @$1.85/mcf. July's was for $2.21/mcf
Permalink Reply by Isopatch on October 21, 2015 at 12:40am

Hey folks,

Update: If you complete IRS form W-9 and submit it to EQT they will not deduct 28% of your royalty payments for Federal Taxes.  Obtained the information from the website they farmed out to web data provider Oildex.com who provide the same service to producing mineral owners receiving royalties from Exxon Mobil, Connoco/Philips, EOG and many others.  Am pissed off, the EQT rep I talked to on the phone DID NOT tell me this.  

Anyway...I'ma submittin' the damn W-9 ASAP!!  Bad enough only getting $1.29 to 1.41/mcf for my gas, at the wellhead without getting hammered for another 28% deducted for Federal Income Tax withholding. 

As I said in earlier post, EQT only began doing this for production periods from January 2015 onward.

To repeat: Don't take my word for it.  Contact EQT owner relations by phone and then sign up on the Oildex.com website pages specific to EQT owner relations.  I'm still getting the hang of the website and have to call EQT again.  But hey I'm an old geezer, and don't like wrestling with all these new web labyrinths..))

Cheers,

Isopatch

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Permalink Reply by Hopeful on October 21, 2015 at 12:57am

Seems to me it is very possible that the person you talked to is not fully knowledgeable. The only time I have seen companies withhold federal taxes is when they DON'T have your SSN via a W9 form, and I have NOT seen them make that a practice of withholding for every royalty owner until the royalty owner wises up and sends them a W9. The routine procedure is to send out Division Orders and W9 form, and, typically, they will not pay until they get both back. But sometimes they do pay even if they do not have a signed Division Order back from you, but they WILL deduct federal taxes if they don't have your SSN. I think that is probably federal law -- that they must deduct 28% federal taxes if they do not have your SSN. I would prefer they do NOT hold out federal taxes, as well, but in the end, it's not horrible, as you could get a refund from the IRS when you file your return if you are in a lower bracket. But, I agree, I would not want them making that deduction. Some royalty owners might not even make enough money to file a tax return.

Permalink Reply by Dana L Jacobs on October 22, 2015 at 1:41pm

You are correct Just received a email from EQT stating the 30.2 deduction is for gathering and compression charges.

Permalink Reply by Isopatch on October 21, 2015 at 1:45pm

If you'd read my posts you would understand I'm NOT talking about a new lease.  The division orders and other early documents were completed by prior mineral owners, decades before I owned any of these producing mineral interests.

Yes, I have to file a W-9.  That's stated on the owners website EQT established, within the last year or two via the Oildex platform.  Please read before you dispute.

TIA.

Permalink Reply by Dana L Jacobs on October 22, 2015 at 1:37pm

You had me going for a minute. EQT deductes 30.5 percent  for gathering and compression charges. I knew it was to good to be true. 

I decided to go ahead and have them deduct 25 percent of my Royalties. Starting in November. Unless the price of natural gas goes up to 2012-13. That will cover my Ca. Tax & Pa. Tax.

Permalink Reply by Nancy Mosley on October 23, 2015 at 8:28am
Very true Jeff Kerr. I'm sure they are very aware of how much they make on that withholding.

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