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 unclaimed property to the rightful owners. Issuance of due diligence letters is a part of this effort.
ConocoPhillips is required by law to remit unclaimed property to the state of the last known address for the property owner. Examples of unclaimed property include uncashed checks to vendors, uncashed checks to royalty/land owners, and employee wages.
Why did I receive a due diligence letter?
ConocoPhillips is required by statute to attempt contact with any person or company to whom our records indicate property is due. Recipients of the letter are encouraged to review their files and take one of the following actions:
- If the money is due, claim the money by completing the form and returning it to ConocoPhillips.
- If the money is not due, return the form with a note that the item is not due.
If the form is not returned to ConocoPhillips, the money will be paid to the state of the last known address.
What type of properties might be due?
Most of the unclaimed property held by ConocoPhillips consists of uncashed checks. There is a property type code located in the upper right corner of the letter. The most common codes for ConocoPhillips are:
- AP = Accounts Payable
- OG = Oil and Gas Royalties
- PR = Payroll
- SD = Sight Drafts
Why do you require personal information?
For audit purposes, we must be able to show we took appropriate action to return the property to the correct person or entity. A form of government-issued identification is required. (Social Security Number, Copy of Driver’s License OR Copy of Passport) The letter also requests an updated address.
May I claim the property without providing a Social Security number?
Yes. Only ONE form of government-issued identification is required. You may provide a copy of your driver’s license or copy of your passport if you do not want to provide your Social Security number.
How do I know this is not a scam?
We encourage owners to be careful with their identity. A sample due diligence letter, or notice of uncashed check, is provided. From this home page select Products and Services, then Unclaimed Property. You may visit the site to verify that the letter you received uses the same template. Contact information is included on the letter if you have questions about your specific property.
How long does it take to receive a reissued check?
The length of time to process a claim form varies. In general, you should expect to receive a reissued check within 4 to 6 weeks from the date we receive your form.