Petroleum Accounting 1

 

Because of the unique nature of oil and gas operations, accounting methods used by oil and gas exploration and production companies are different from the methods used in other industries. Individuals attending this two-day seminar will be introduced to the petroleum industry field activities of geological and geophysical exploration, leasing, and drilling activities, and accounting for those operational activities. The focus will be on generally accepted accounting principles for financial reporting purposes rather than accounting for federal income tax purposes.

 

Who Should Attend:

New employees or new supervisors to the petroleum industry.   Employees whose expe­rience is limited to a single work area.   Government regulatory personnel.   Public ac­countants who audit petroleum companies.   Accountants at E&P companies who aspire to move to other areas of oil and gas accounting.   Accountants who would benefit from a review and update of oil and gas accounting

Pre-requisites: Some accounting background is desirable

 

Upon Completion of this Program, Participants will be Able to:

•       Understand the basic operating activities of an oil and gas exploration and produc­tion company, including exploration, property acquisition and drilling activities

•       Understand the proper accounting for property, exploration, and development costs under the successful efforts and full cost methods

 

•       Understand methods of computing depletion, depreciation, and amortization by com­panies using the successful efforts and full cost methods

 

•       Understand basic management control procedures

 

Key Topics and Objectives:

Overview of Accounting Principles in the Petroleum Industry

Accounting for Exploration and Production Costs

Unproved Property Acquisition, Retention and Surrender

Accounting for Costs Incurred in Drilling and Equipping Oil and Gas Properties, Including Accounting for Drilling of Exploration, Development, and Service Wells

Accounting for the Impairment of Proved Oil and Gas Properties - Successful Efforts Method

Oil and Gas Reserves

The Successful Efforts Method

The Full-Cost Method

Depreciation, Depletion and Amortization

 

Quality programs – offered on-site and adapted for your company.  Contact Jim Hoffman at 214.763.9644  or via email at jhoffman@pdi.org.  Visit us online at www.pdi.org