Kral Ussery LLC, Certified Public Accountants
TX Office: (817) 416-6842
NV Office: (702) 565-2727

Oil and Gas Accounting

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.

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