On August 16th, the Delaware Federal District Court dismissed the lawsuit brought by Plains All American Pipeline against certain Delaware Department of Finance employees and Delaware’s contracted auditor, Kelmar Associates in regards to an unclaimed property audit. The court ruled that Plains did not have standing to sue Kelmar and that the allegations against the state officials were not ripe for judicial review.
Oil & Gas (7 articles)
As domestic energy production has boomed over the last several years, an affiliated risk item has been growing on the books and records of oil and gas firms. Specifically, the unpaid amounts associated with suspended and/or unknown owners creates “unclaimed property” for a company.
Unclaimed property compliance for oil & gas, utilities and energy-related companies can be an especially complex issue due to nuances and intricacies specific to these industries. Mineral rights, the distribution of royalties, title disputes, uncashed deposit payments and credit balances all contribute to the uniqueness of these industries – and their unclaimed property requirements. If […]
Attention Texas unclaimed property holders—on Wednesday, November 6th, Keane invites you to attend an unclaimed property holders seminar! This is a free educational program providing important information for all companies with a special focus on those incorporated in and needing to report to Texas. Specific topics that will be discussed during the unclaimed property holders […]
The following is the second part of our two part piece about unclaimed property audits and the Oil & Gas Industry. View the first part here Oil & Gas Industry Factors In addition to the common red flags listed in the previous article, there are some risk factors specific to the oil and gas industry […]