Revenue Accounting

Accounting for oil and gas revenue in today’s changing environment demands a thorough understanding of the many complex issues involving oil and gas production volumetrics, allocations, valuations and sales. Maxi­mizing cash flow, while determining the correct handling of the revenue, is also essential to every company. It is imperative that your revenue personnel understand the many different facets of oil and gas revenues and their accounting and disbursement to industry partners, royalty owners and working interest owners. This seminar will focus on these essentials.

 

Who Should Attend:

Employees responsible for revenue accounting.   CPAs who audit petroleum companies.   Individuals aspiring to be a revenue accountant, property accountant or  production accountant.   Government employees involved in accepting state and federal production and sales reports from E&P companies

 

Pre-requisites:    Intro to Upstream Oil and Gas or familiarity with Oil and Gas terminology and business procedures.

 

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

•       Recognize oil and gas revenue problems, trends, and practices

•       Study allocations, pricing, tax determination, disbursement and volumetrics and understand their application to revenue accounting

 

Key Topics and Objectives:

Introduction

Products Involved/Sources Terminology/Definitions

 

Ownership Interests Volume/Quality Determination

Allocations

 

Value Determination Ownership Determination

 

Severance Taxes

 

Basic Principles of Producer Balancing and Gas Plant Accounting

 

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