Energy Education Consortiums Offer Unique Ways to Save Time and Money
A number of companies are joining forces to participate in Energy Education Consortiums organized by PDI.
Consortiums are innovative new training forums designed to provide affordable, convenient and effective programs to regionally-based oil and gas companies. Professionals in a specific geographic area enjoy the benefits of on-site training by sharing the cost.
In order to schedule or find out additional information about a program, please call Jim Hoffman at 214.763.9644 or e-mail him at jhoffman@pdi.org. In order to register for a program, please consult the calendar and register per the instructions. For any registration issues, please call Linda Meux at 940.565.3354 or send her an e-mail at lmeux@pdi.org.
The Calendar of Events also features upcoming scheduled consortium classes.
This one day program will give participants an understanding of how business information travels from Geology and Land thru Accounting, Production and Revenue. Each functional area is examined for inputs, processes and outputs as well as its effects on all other areas. Each area's business functionality is related directly to field events.
This program focuses on the processes of gathering, transportation, storage and trading. It is designed for employees of exploration and production companies who have financial responsibility for hydrocarbon production sales. Also, those who perform the accounting functions for marketing, transportation and midstream operations and employees of audit firms who do revenue and midstream audits would benefit from this program.
Gas Plant ownership can be complex and each gas plant, while having some similarities, has its own peculiar characteristics. This program will cover the basics and also gives participants a chance to discuss those oddities with the instructor
The focus of this course is to introduce participants to the income taxation of the upstream segment (i.e., exploration and production) of the oil and gas industry.
This 1 ½ day program is designed for those employees who would benefit from learning about current issues in oil and gas such as supply, storage and pricing, basic terminology, how Independents, Majors and Nationals participate in US and International Energy Operations, how Upstream operations affect Midstream and Downstream and the fundamentals of well operations. Land, Accounting, Production and Revenue are introduced and various issues are examined. Information flow from Exploration through Production is examined in detail. New hires in all areas and specialists in information technology, engineering, geology, production, legal, auditing and accounting would gain a broader understanding of the business, operations and industry.
This one day overview course is designed for those energy industry employees who would benefit from learning about current issues in oil and gas, industry terminology, how money flows through an Upstream company, how the different parts of an Upstream company interact with each other, with other companies and with outside investors, how oil and natural gas differ in their business treatment, how international oil and gas concerns differ from their US counterparts and other issues affecting today's exploration and production.
This program provides oil and gas accountants with the knowledge of how to apply the terms and provisions of the various operating agreements and accounting procedures used by industry today. Participants will gain an understanding of the impact of various COPAS Interpretations and Accounting Guidelines on questions of joint account chargeability. The roles and obligations of the operator and non-operator in billings are examined in detail. Additional focus will be on form and content of typical joint Interest billings (JIB's) and accounting procedures that dictate billing practices.
What are the practices and laws of real and personal property and how do they affect us in the oil & gas business? Upstream oil and gas begins with obtaining the right to extract valuable minerals from the ground. Whether from the point of view of the royalty owner or the working interest owner, a thorough understanding of the rules, practices and laws is critical to the difference between making and losing money.
Natural gas, long the forgotten product of the hydrocarbon industry, rose in price three times as fast as oil did in 2005. Exploration for gas is at an all time high and LNG terminal construction is underway as never before. It is critical that as an employee of an energy company one should be familiar with the principles, business procedure, industry practices and procedures of the natural gas industry, because if a company is not now involved in natural gas, it soon will be.
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.
Wind Power has been endorsed worldwide as a partial solution to the growing need for energy. Utilities are taking advantage of Wind to supplement and hedge natural resource costs. Oil and especially natural gas producers can harness Wind resources to improve their financial positions through tax subsidies and government grants while supporting environmental issues.
Correct payment of proceeds from oil and gas sales to royalty and working interest owners is frequently affected by payout status. Determining when Payout has occurred based on complex calculations, formulas and JOA specifications can be overwhelming. This one day seminar focuses on calculating payouts, analyzing payout conditions, reporting payout and determining the effects of DD&A, Farmouts, Non-Consents among other conditions. COPAS Accounting Guideline AG-13 "Accounting for Farmouts/Farmins, Net Profits Interests, Carried Interests" is one of the materials used.
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.
Petroleum Accounting Basic 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.
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Petroleum Accounting Advanced This seminar is a continuation of Petroleum Accounting I, delving into some of the more complex aspects of Petroleum Accounting.
This program focuses on Reserve Estimation, the Operational and Financial Principles of Decline Curves, and the effects of Reserves and Production Declines on the Value of Wells, Projects and Companies and the effect on SFAS 143 and SFAS 69.
This course provides hands-on examples for calculating the disclosures required by Fas # 69 and SEC regulations. Alternative calculations are shown where there are multiple ways to make these calculations.
Texas and Louisiana have specific laws pertaining to oil and gas as to what is taxable and what is exempt. Every year, companies either pay sales tax when it is not necessary or fail to pay required sales taxes. This class takes a company through the complex regulations in order to help participants understand what practices their company may have been doing that resulted in improper payments and what they should do to reduce them in the future.
The IASB, FASB, and SEC are on board for the road to convergence to IFRS; with the SEC accepting foreign registrants to file with IAS standards (instead of filing a reconciliation) by 2009. This one or two day program explores where we stand on this road, the differences between IFRS and US GAAP and what issues companies will face in making the move.
Upon Completion of this Program, participants will be able to:
Demonstrate the flow of accounting data and information into and out of their area of the oil and gas business and how it affects other parts of the business
Differentiate between Full Cost and Successful Efforts accounting
Read their company's Balance Sheet, Income Statement and Statement of Cash Flows
Tie Operations to Accounting
Interpret the way Reserves are depicted in the company financial statements
The current economic environment requires employees, and the corporations they work for, to partner to maximize revenue and profits. Like the Gladiators of old, today's employees need to fight for their survival and the success of their corporation. Course participants will learn the Gladiator survival skills that will both enhance their personal interests & job success while fighting to ensure their corporation is profitable.
This two day program on international practices will enable participants to gain an understanding of the differences between US and international agreements as well as to understand and compare Cocessionary verses Contractual Systems. This program will also explore in depth Production Sharing Contracts, explore and understand Accounting under PSC's and PSA's.
