Oil and Gas Accounting

We understand the challenges that accountants face in understanding the complex accounting for oil and gas exploration and production companies. A critical step to learning the accounting is to understand the industry including the exploration, discovery, drilling and production of oil and gas reserves and the characteristics of crude oil, natural gas and natural gas liquids. In this 2-day course, which can be tailored to any organization to also a 1-day session. Topics include:

The structure of and E&P company
Finding oil and gas reserves
Drilling and Development
Accounting for oil and gas properties

Full cost
Successful efforts

Accountants use of the reserve report
Oil and gas revenues
Gas imbalances
DD&A and impairment
Mineral property conveyances
Asset retirement obligations
Production payments
Oil and gas income tax reporting
Acquisition and divestitures
Financial reporting and oil and gas required disclosures

Session objectives:

Understand associated accounting risks
Learn technical oil and gas accounting topics
Discuss necessary controls to prevent and detect errors and fraud
Review example accounting scenarios and entries

Almost all accountants, from accountants new to the industry to seasoned oil and gas accountants to auditors of oil and gas entities, will gain a better understanding and refresher on the dynamics of oil and gas accounting. For many who have attended this class, the industry came alive and the accounting became second nature as they also had an opportunity to touch and smell real crude oil for the first time.