How to Recover Past-Due Receivables in the Oil and Gas Industry
The oil and gas industry is known for its volatility, with fluctuating prices and economic uncertainties often leading to unpaid invoices. For service providers, operators, and suppliers, past-due receivables can strain cash flow and threaten business stability. Effective debt collection strategies are essential to recover what’s owed and keep your operations running smoothly. At Melton Norcross & Associates, we specialize in oil and gas debt collection, helping businesses across Texas and beyond recoup their funds quickly and professionally.
The Challenges of Oil and Gas Debt Collection
Unpaid invoices in the oil and gas sector are common due to market volatility, project delays, and even bankruptcies. According to industry reports, 43 oil and gas companies filed for bankruptcy in 2018 alone, leaving many service providers with unpaid receivables. These challenges make it critical to act swiftly and strategically to recover debts before they become uncollectible.
Proven Strategies for Oil Field Debt Recovery
Here are three effective methods to recover past-due receivables in the oil and gas industry:
1) Leverage Oil and Gas Mineral Liens
One of the most powerful tools for oil field debt recovery is the use of mineral liens. These liens allow creditors to secure payment by placing a claim on the debtor’s oil and gas assets. However, the statute of limitations for filing liens varies by state, so it’s crucial to act quickly. At Melton Norcross, our experienced team navigates state-specific regulations to enforce mineral liens effectively, maximizing your recovery.
2) Utilize Skip Tracing
Finding debtors who have gone off the radar is a common hurdle. Our Texas oil and gas debt collection services include complimentary skip tracing, a process that locates debtors’ current contact information and assets. Unlike other agencies that charge for this service, we believe it’s a fundamental part of the collections process.
3) Partner with Professional Debt Collectors
In-house collection efforts can be time-consuming and ineffective, especially when dealing with stubborn debtors. Professional debt collection for oil and gas companies ensures compliance with regulations while using proven tactics like customized demand letters and negotiations. With over 30 years of experience, Melton Norcross delivers results without the hassle.
Why Choose Melton Norcross for Oil and Gas Accounts Receivable Management?
Based in Frisco, Texas, Melton Norcross & Associates has a proven track record of turning delinquent receivables into positive cash flow. Our no-collection, no-fee policy means you only pay when we recover your funds. Led by collections manager David M. Roche, our team understands the nuances of the oil patch and uses a nationwide network of collection attorneys to handle complex cases.
Get Started Today
Don’t let unpaid invoices disrupt your business. Contact Melton Norcross & Associates for a free consultation and discover how we can help you recover past-due receivables. Call us at (469) 513-8458 or email us to schedule your no-obligation price quote.
Melton Norcross & Associates: Your trusted partner in oil and gas debt collection.
Do you have a business client that is more than 90 days late paying you?
If YES, we can collect the money that is owed to you.
As a professional commercial debt collection agency located in Frisco, TX, Melton Norcross and Associates specializes in helping businesses collect past-due receivables.
