Thursday, May 15, 2008
7:30 a.m.
Registration/Continental Breakfast
8:30 a.m.
Opening Remarks
8:40-9:45 a.m.
General Session - The Impact of MLPs to the Value of Oil and Gas Properties and How to Get the Most Value for Property Sales
William Britain, CEO and Darrell Noblitt / EnergyNet.com, Inc./Amarillo
9:45-10:00 a.m.
Refreshment Break
10:00-11:15 a.m.
Concurrent Sessions
Getting to More Likely Than Not - Avoiding Tax Preparer Penalties
Mr. Daddino will discuss the new tax preparer penalties effective January 1, 2008. Included in the discussion will be a review of the use of disclosures to avoid preparer penalties and responsibilities for in-house and outside tax preparers.
Anthony Daddino, Attorney/Meadows, Collier, Reed, Cousins & Blau, L.L.P./Dallas
International Financial Reporting Standards Update
This session will examine where we stand on the road to international accounting convergence and how that will affect the oil industry globally. The IASB’s progress toward a comprehensive standard for extractive industries will be covered, as well as how the European mandate for consolidated accounts starting in 2005 affected the oil industry in Europe.
Linda Nichols, Ph.D., CPA, Director of Accounting Programs/Accounting Department, Rawls College of Business/Texas Tech University/Lubbock
Merger and Acquisition Integration Methodology and Case Study
The energy industry continues to be shaped by mergers and acquisitions, affecting every aspect of the organization. How do you plan for the integration of two or more distinct finance and accounting departments into one well-managed successor? Participants will be lead through a primer on applied integration methodology and best practices. A case study of merging two independent accounting functions into one will be analyzed.
John Van der Wiel, CPA and Vice President of Accounting and Finance and Enterprise Governance Services and Deborah Cole, Vice President of Business and Technology/Accretive Solutions/Dallas
Revenue Accounting - The Basics
This presentation will provide attendees with a working knowledge of the physical characteristics of oil and gas and their effect on accounting, processing and transportation deductions, and items to consider when accounting for revenue. The discussion will include time period, property identification, severance taxes and related deductions, gas balancing, contract compliance, reversals, and appropriate distributions and related deductions. The relationship of revenue accounting to its related disciplines in an oil and gas company will also be discussed.
Pat Martindale, President/Martindale Consultants/Oklahoma City
11:20 a.m.-12:45 p.m.
Luncheon - Oil and Gas, Environment and Community
Paul Matheny, Vice President Rockies Region/Questar Market Resources
1:00-2:15 p.m.
Concurrent Sessions
FIN 48
This two part panel discussion, hosted by an IRS representative and private practice CPA, will provide an overview of FIN 48, effective dates for implementation, and a discussion of presentation and disclosure requirements. Part two will present intermediate to advanced topics including recent developments.
Patrick Hanley, Partner/Hein & Associates/Denver and Vanita Deaton/Team Coordinator/Internal Revenue Service/Dallas
Fraud Risks Inherent in the Oil and Gas Business
An in-depth discussion of current oilfield vendor fraud including methods used by contractors and employees, drivers for committing fraud, methods for suspecting fraud in the field, and factors leading to fraud in the oil and gas industry.
Butch Brazell, Director of Global Security/Pioneer Natural Resources Company/Irving
Severance Tax and Royalty Changes
This session will be a review of the 2008 legislation and regulation changes that impact state production taxes and state and federal royalties. The states of Alaska, Arkansas, Colorado, Kansas, Louisiana, Montana, New Mexico, North Dakota, Oklahoma, Texas, Utah, Wyoming, and Minerals Management Services will be covered.
Robert Wilkinson, Senior Regulatory Compliance Specialist/ ConocoPhillips/Bartlesville, OK
Gas Plant Accounting
This session will present an overview of contract types, terms associated with gas processing, calculations of settlement and the basic theory of gas plant accounting. Issues affecting the producer and processor regarding the settlement of processing revenues will also be discussed.
D. Michael Armour, Accounting Manager/Carrera Gas Companies, LLC/Tulsa
2:15-2:30 p.m.
Refreshment Break
2:30-3:45 p.m.
Concurrent Sessions
SEC Concept Release on Reserve Definitions
The oil and gas reserve process, the potential changes in reserve definitions by the Society of Petroleum Engineers and the implications of the SEC concepts release regarding reserve definitions will be reviewed.
Alan Bell, CPA/Dallas
Intermediate Joint Interest Accounting
From the perspective of the operator and non-operator, this session will discuss situations on how to correctly account for joint interest costs such as non-consents, casing point, payroll, technical labor, consultant costs, allocations, and overhead.
Mike Cougevan, Senior Auditor/Martindale Consultants, Inc./Lafayette, LA
Gas Plant Accounting (cont’d)
3:55-5:00 p.m.
Concurrent Sessions
When to Use a Tax Partnership in Drilling Ventures
The tax effects of operating joint ventures as partnerships vs. making the election out of Subchapter K will be compared and contrasted. The factors to consider when choosing to make the election will be discussed.
Jerry Key, Senior Tax Attorney/BP America Inc./Houston
Standards-Setter Updates
Keith Tunnell, Audit Partner/Hein & Associates LLP/Houston
Upstream Technology
Brian Thomas, Partner/Weaver & Tidwell/Houston
Natural Gas Gathering and Transportation
Why don’t I ever get my nominated volume? After production, gathering, and processing, an intrastate or interstate pipeline is normally required to transport the volumes to the end users. A good understanding of the pipeline processes used to transport gas is required for all producer/shippers and third party shippers. This session will concentrate on the nomination, confirmation, scheduling, and allocation processes used by the regulated pipelines, as well as the calculation of imbalances and cash-outs.
Michaela Wood, Accounting-Training and Project Manager/Corsstex Energy Services, L.P./Dallas
5:00-6:00 p.m.
Reception
Friday, May 16, 2008
7:30 a.m.
Continental Breakfast
8:00-9:00 a.m.
General Session
Panel Discussion: Changes in the Oil and Gas Industry
This presentation will be a three member panel discussion to provide insight into the remarkable changes that have taken place in the oil and gas industry over the past 20 years. Mr. Downey will provide insight from his international and domestic exploration experiences; Mr. Long will discuss land and legal changes; and Mr. Foran will provide a CEOs perspective on strategy, financial reporting, operating environments and technological changes.
Joseph Wm. Foran, Founder, Chairman and CEO/Matador Resources Company/Dallas; Marlan W. Downey, Special Board Advisor/Dallas; D. Patrick Long, Partner/Patton Boggs LLP/Dallas
9:00-9:15 a.m.
Refreshment Break
9:15-10:25 a.m.
Concurrent Sessions
Oil and Gas Tax Update
This session will cover recent legislative, judicial and regulatory developments that relate to businesses and individual taxpayers.
Bill Miranda, CPA/Dallas
Bridging the Gap Between Operations and Finance in the Energy Industry
Planning, aligning strategy, and measuring performance within the energy industry is a challenging process. The Operations group and Finance group are sometimes at odds when defining the correct sets of measures and definitions of responsibilities when measuring actual performance against a set of planned expectations. Enterprise Performance Management (EPM) property defined, designed and implemented can go a long way towards integrating the various needs of these groups. This session will provide some real life examples of how we bring together these two groups and their disparate data.
Rocky Williams, Director-Enterprise Performance Management-Energy/MarketSphere Consulting/Irving
Introduction to Land and the Law
This session will give new employees and experienced accountants an idea of what the Land Department does, how the law drives what they do and how land and accounting can work together to achieve better performance.
Jim Hoffman, National Sales Director, Instructor / Professional Development Institute / Denton
10:30-11:40 a.m.
Concurrent Sessions
Margin Tax for Oil and Gas Companies
Dallin Westwood, Ryan and Company
Financial Reporting Issues of a MLP
Anita Holloway, Partner/Ernst & Young/Ft. Worth
Land Owner Litigation
Jeff King, Hughes & Luce LLP/Fort Worth
11:45 a.m.-1:00 p.m.
Luncheon - Oil and Gas Cash Flow Management
Mr. Brumley will discuss how cash flow management strategies can impact the E&P company performance. Strategies discussed will include the use of derivatives and master limited partnerships.
Jon Brumley Jr., President and CEO and Director/Encore Acquisition Company/Fort Worth
1:15-2:15 p.m.
Concurrent Sessions
Tax Issues in Foreign Investment in U.S. Ventures
Kyle Bibb
Private Equity in Oil and Gas
This session will cover the truths and myths about private equity, typical deal structures, the attributes that providers look for in management teams and how seasoned providers view and manage the risks inherent in the oil and gas business.
R. Jason McMahon, CFA/EnCap Investments L.P./Dallas
Introduction to Midstream
The midstream segment of the oil and gas industry represents the critical link between petroleum energy producers and retailers or wholesale consumers. This presentation will examine the role and activities of companies that own and operate or utilize midstream facilities to gather, transport, and store crude oil and natural gas in the U.S.
J. Richard Moore, Instructor/Professional Development Institute/Denton
2:15-2:30 p.m.
Refreshment Break
2:30-3:30 p.m.
Concurrent Sessions
Overview of Publicly Traded Partnerships
A general discussion of publicly traded partnerships including an example of a qualifying income test under IRC Section 7704, distributions and taxable income market expectations, formation and asset selection issues, tax shield issues with a tax shield model, and timing and financial reporting issues.
David Scott, Partner/KPMG/Fort Worth
Oil and Gas Investment Fraud
Mr. Super will review cases involving fraud against oil and gas investors as well as steps investors can take to avoid being victimized.
Frank Super/Federal Bureau of Investigation/Fort Worth
COPAS Update
Recently approved COPAS publications with particular emphasis on MFI-12, Premium Priced Material, MFI-52 Accounting for Catastrophe Costs, AG-19 Addendum, and Electronic Media in Expenditure Audits will be reviewed. Participants will also be updated on current COPAS projects and other recent developments.
Jeff Alcott, Audit Consultant/Mandeville, LA