Nov 30, 2020 IPAA submits comments to the record for ONRR proposed rules on royalty valuation and civil penalties
IPAA submitted comments to the record for the Office of Natural Resources Revenue (ONRR) proposed rules on royalty valuation and civil penalties. The Obama Administration arbitrarily changed the rules during its tenure to impose unreasonable civil penalties and even went so far as to penalize operators for failure to disclose information that could not be known. This broad overreach could cost IPAA members hundreds of millions of dollars. For this reason, IPAA has long sought to see a rule change that would reign in accounting practices and limit fines to instances which could have been known.