The exploration and production of energy resources is truly a process that has no parallel in business today. From the complex technology involved in the physical recovery of energy reserves to the intricate accounting and legal provisions, there is no industry more complex. This course deals with the fundamentals of the energy industry including geological, physical and economic influences as well as the flow of money and information through an Upstream energy company.

The part of oil and gas involving exploration and production business is only the beginning of the petroleum industry. How the crude products are transformed into useful refined products, how they are transported, traded and retailed and how these transactions are accurately performed and accounted comprise the Downstream part of oil & gas. This class will focus on Refining, Supply/Trading/Risk Management, Transporation/Physical Movements and Marketing processes of the Downstream energy segment.

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.

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. No pre-requisites are required except for a general knowledge of accounting and some basic tax understanding.

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.

As a result of failures of large public companies due to poor corporate governance, public companies are required to meet the new standards of corporate governance legislated by Congress through the Sarbanes-Oxley act.  Individuals attending this (one or two) day seminar will be introduces to the Sarbanes-Oxley Act (SOX) and in particular Section 404 of the Act. The focus of the seminar will be on understanding and "hands-on" implementation of the SOX Act.

Production and Revenue calculations can be complex and confusing. They are frequently performed by field personnel and reviewed by accountants who need an understanding of the mathematics and relationships involved. After an initial discussion of events that occur in the Production phase of a well, this class is a workshop that will take participants through production calculations and allocations so that those who perform, audit or review those problems will be able to do so more accurately, efficiently and effectively. Participants will be able to work the problems manually and also in Excel.

This program provides a thorough, accurate update on selected FASB statements and interpretations. Detailed discussion is included on business combinations, goodwill, impairment of long-lived assets, disclosures relating to stock-based compensation and selected FASB Statements.

 This program focuses on the Balance Sheet, Income Statement and Statement of Cash Flows elements that make up the financial ratios on which a public company is evaluated.

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.

This two day seminar is a continuation of Petroleum Accounting I, delving into some of the more complex aspects of Petroleum Accounting.

This program focuses on FASB Directives and Pronouncements that are specifically directed and relevant to the oil and gas industry. It also deals with accounting principles generally embraced by oil and gas. These complex issues have been condensed into a one-day class specifically for audit and tax firms.

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 in hosting joint venture audits and claims resolution are examined in detail, with a focus on best practices.

This one-day program focuses on the form and content of typical joint interest billings (JIB’ s) and will cover key provisions of operating agreements and accounting procedures that dictate billing practices. Participants will gain an understanding of the impact of various COPAS Interpretations and Accounting Guidelines on this process. The duties and obligations of both operator and non-operator are examined in detail, with a focus on best practices.

This program focuses on joint venture audit practices and issues in today’ s operating and accounting environment.

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.

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.

This course provides an introduction and discussion of accounting for producer and facility imbalances. Learn about the creation, accounting and resolution of these imbalances.

This program provides accountants, auditors and regulators with a refresher or primer to the fundamentals of accounting for first sales processed gas. Learn about plant/lease settlement, wellhead allocations, relevant sales type contracts and physical plant schematics.

Production and Revenue calculations can be complex and confusing. They are frequently performed by field personnel and reviewed by accountants who need an understanding of the mathematics and relationships involved. After an initial discussion of events that occur in the Production phase of a well, this class is a workshop that will take participants through production calculations and allocations so that those who perform, audit or review those problems will be able to do so more accurately, efficiently and effectively. Participants will be able to work the problems manually and also in Excel.

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. No pre-requisites are required except for a general knowledge of accounting and some basic tax understanding.

This program, specifically designed for tax professionals in Upstream energy, reviews the complex world of oil and gas taxation and provides insight into current developments. It provides analysis of the MSSP Audit guide, which highlights the IRS’ position, various oil and gas tax questions, cases and revenue rulings. Also discussed are recently published oil and gas industry Coordinated Issue Papers.

Partnership accounting with all its variations and regulations can be one of the most complex challenges to accountants, managers and tax personnel in the oil and gas industry. This one-day program is designed to shed some light on the Oil & Gas Tax Partnership from formation to liquidation.

Texas and Louisiana have specific and differing 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.

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