Checks issued for oil and gas production are void after one year. If ConocoPhillips does not have subsequent contact with the owner, the funds issued on that check become “Unclaimed Property”. Additionally, royalty payments being held in suspense on an owner’s account for reasons such as bad address or deceased can become unclaimed property after a time.
Each State has Unclaimed Property laws that require money, property, and other assets to be considered abandoned after a period of inactivity usually ranging from 1 to 5 years. During this abandonment period, ConocoPhillips must make a concerted effort to seek out, and return property to, the rightful owners. Issuance of due diligence letters is a part of this effort. Two separate forms of due diligence letters are used, one for uncashed checks, and another for suspended royalty payments.
Recipients of the due diligence letters are encouraged to review their files and take one of the following actions if they believe they are the rightful owners:
- If the money is due, claim the money by completing the form and returning it to ConocoPhillips.
- ConocoPhillips will then research all documents furnished to determine if you are the rightful owner.
- If the money is not due, return the form with a note that the item is not due. Please advise, if there has been a change in ownership and the party listed on the letter is no longer the record title owner.
For audit purposes, we must be able to show we took appropriate action to return the property to the correct person or entity, therefore a form of government-issued identification is required. Please provide one of the following: 1) Tax Identification Number or Social Security Number, or 2) a copy of your driver’s license, or 3) a copy of your passport .
We encourage owners to be careful with their identity. Samples of the two forms of due diligence letters are provided below. If contact efforts are unsuccessful, ConocoPhillips is required by law to remit, or escheat, funds to the state of last known address for the property owners.
Contact information is included on the letter if you have questions about your specific property.
The length of time to process a claim form varies. In general, within 60 days from the date we receive your form, you should expect to receive a reissued check or be contacted with further detail and instructions pertaining to your account.
For Unclaimed Property questions
If your due diligence letter looks like this: Sample Due Diligence Letter
Attn: Station W
315 S. Johnstone Ave
Bartlesville, OK 74003-9935
If your due diligence letter looks like this: Suspense Due Diligence Letter
Attn: Land Administration Escheat Analyst
PO Box 7500
Bartlesville, OK 74005-7500
When you contact Unclaimed Property, please have as much of the following information available as possible:
- Your name
- Your address
- The owner’s name
- The owner’s address
- The owner’s 10-digit owner number (starts with a 1) you are contacting us about
- The owner’s social security number or tax identification number
- Any information you received from a State Unclaimed Property Office
- A phone number where we can contact you
- The payment date for the remittance you are contacting us about (if applicable)