Thursday, February 13, 2014

Petrohawk Owners: Don't File Your Taxes Yet!

It looks like Petrohawk badly screwed up its 1099s this year.  I've heard reports that the reported income to royalty owners is more than double the actual income in some cases.  From BHP Billton's web site:
"Attention Louisiana and Texas Royalty Owners and Partners:
After the original Form 1099 for 2013 was sent to you, a systems issue was identified which resulted in incorrect amount(s) reported to you on the original form. We will be issuing corrected Form 1099s to all Royality Owners and Partners impacted by this issue. Please disregard the original incorrect Form 1099 provided to you and use the amounts reported on our corrected Form 1099 to prepare and report your 2013 Tax Information. If you have further questions, please contact our Owner Relations Call Center at 1-877-311-1443 or email us. We apologize for any inconvenience."
If you are a Petrohawk owner, you need to wait on a replacement 1099 before filing your taxes.

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