In today’s episode, Sarah Magruder, President of Sapphire Oil and Gas Consulting, breaks down some of the confusion and misconception surrounding severance tax. She talks about how important it is for all team members to have knowledge surrounding every aspect of the oil and gas process, and how that can help reduce overall severance tax payments..
2:57 What is severance tax?
5:30 Why some states have a lower severance tax
10:14 Two ways to reduce your severance tax
23:45 The importance of seeing the big picture in oil and gas
32:26 Understanding what you’re paying for
32:26 Knowledge is key when it comes to reducing overpayments
35:31 What to do in the case of an underpayment
38:19 Steps to take to reduce your severance tax
About Sarah Magruder:
Sarah McGruder is President of Sapphire Oil and Gas Consulting, a severance tax consulting group based out of Houston, Texas. Sarah holds a bachelor's degree in finance from LSU and her MBA from the University of Houston. Sarah spent her almost 19 year career in severance tax, splitting her time between working directly in medium and large oil and gas companies. And as an outside consultant, is an active member of the Petroleum Accounting Society Houston, where she chairs the golf committee and is a presenter at the revenue committee, as well as an education day sponsor and presenter. Sarah has also been a speaker at numerous COPAS meetings from outside of the Houston area and presented multiple times at the API severance tax forum. She lives in Montgomery, Texas with her husband, four year old son, five horses and two dogs.
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COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.