Overview:
While the oil and gas industry continues to make large financial profits, companies recognize the geopolitical and macroeconomic uncertainty that still lies ahead. It is necessary to understand the opportunities and challenges that the oil and gas industry continues to face in order to continue operating with the expectations of financial success. This webinar will:
- Provide general insight into the workings of the oil and gas industry
- Discuss the methods used in accounting for oil and gas properties
- Provide an understanding of the financial complexities that affect the industry
Objective:
To provide accountants and auditors with a general understanding of the oil and gas industry and how accounting works within the confines of the industry. You will learn the different types of oil and gas interests as well as the specifics to feel more comfortable understanding the complex nature of how the industry operates and evolves.
Emphasis:
- Oil and gas industry: background and current developments
-
Methods of Accounting for Oil and Gas properties
- Full cost
- Successful efforts - Finding reserves
- Acquiring oil and gas leases
-
Drilling activities
- Exploration and development
- Intangible Drilling Costs (IDC) -
Production and costs
- Production costs
- Capital expenditures - Joint operations
-
Revenues
- Distribution
- Contracts