Electronic Payments / TEXNET
All companies that remit oil and gas royalties are encouraged to make electronic payments. Companies that remit $20,000 or more annually in royalties are required to submit these payments electronically.
Electronic payments are made using the Texas Comptroller's TEXNET System. In order to access this system, a payor must complete and return a University of Texas System Payor Information Form to the Comptroller.
Payments made through TEXNET may be paid by either an ACH Debit or an ACH Credit with Addenda. Refer to TEXNET Electronic Funds Transfer-University Lands, Electronic Funds Transfer of TEXNET, and TEXNET Instruction Booklet for detailed information. The following documents are related to TEXNET payments:
- University of Texas System Payor Information Form: form which must be submitted to the Comptroller’s office prior to making any electronic fund transfer payments to the University of Texas System
- TEXNET Electronic Funds Transfer - University Lands: guidelines regarding TEXNET payments to the Comptroller’s office specifically for payments to University Lands
- TEXNET Instruction Booklet: general information on the TEXNET System, specific to the Texas Comptroller payment thresholds