COPAS 2021: A Year In Review

As we look back, 2021 was another year like none other. The global coronavirus pandemic continued, leading to health and safety concerns and numerous effects on energy demand and the larger global economy. Challenging weather and economic conditions forced the oil and gas industry to quickly pivot and use the creativity, technology and adaptability of its leaders and employees to meet consumer and business demand.

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Many COPAS members have career-long industry experience. And though we’ve seen challenges before, being a COPAS member is more important now than ever before.  

Research

In the wake of the pandemic, many companies were forced to reduce staff—leaving no time to research issues and still get the books closed for the month.  

COPAS provides published guidance on topics, taking the burden off of companies to conduct their own research. 

A recent example of such research is MFI-57, Remote Technology Centers, which was approved by Council in April 2021. MFI-57 replaced AG-28. 

Now, COPAS is developing a new Accounting Procedure and companion Model Form Interpretation. A project team is also proposing changes to our MFI-40, 24-month limitation publication. A committee vote is expected in April 2022, with a Council vote in October 2022.  

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In addition to research, there’s also a willingness among COPAS members to discuss questions and ideas. This is networking at its finest and the ‘secret sauce’ to COPAS membership.

Networking

Starting a network isn’t difficult!  

Get the ball moving by attending a COPAS meeting. Observe those who are participating, asking questions and offering different points of view. Those are the people with whom you need to connect.  

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It’s natural to feel intimidated, but don’t let that hold you back from making a connection. The people who speak freely with thoughts, ideas, and challenges are often the most approachable and willing to help.  

COPAS also maintains a website forum through which members can submit questions.  This pool of collective knowledge allows COPAS members to learn from each other and solve issues unique to oil and gas accounting.  There are no “bad questions” in the forum!

Education

More than 650 hours of continuing professional education were offered through COPAS Energy Education, Society or COPAS meetings during 2021.  

In 2022, COPAS  will offer more boot-camp-style courses for COPAS Energy Education. For example, the gas balancing course that used to run monthly over five months will now be offered in two half-day sessions.  Click here for the most up-to-date training calendar.

Certifications & Awards

Congratulations to the 13 new APA® certified accounting professionals this year: Obtaining this credential is a significant achievement and distinguishes accounting professionals among their peers. 

Registration for the first 2022 testing window, taking place in March, is now open. A pilot review course is also being offered. Contact the COPAS office for details.

During the Fall COPAS meeting, Tammy Miller-Davison was recognized as the COPAS Eagle Award winner and Terry McMurray and Tom Wierman were named to the COPAS Ring of Honor. The Council also thanked Melissa Gruenewald for her service as COPAS President.

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COPAS Firsts

COPAS joined Sherware, Inc. to produce the first Oil and Gas Accounting Podcast.  Twenty-five episodes were released in 2021 with more than 5,000 downloads! Season two of the podcast is now running. The podcast is available on Spotify, Apple or anywhere you get your podcasts.

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COPAS will return to its first in-person meeting in two years when Houston hosts the Spring 2022 meeting in Galveston, Texas, April 25-29. Dallas will host the Fall 2022 meeting in Irving, Texas, October 17-21. Due to COVID, many companies are still in travel-restriction mode, but if possible, please support the host societies by attending these meetings.

Welcoming a New Year

We close 2021 and begin 2022 by saying goodbye to Angie Knipe, Director of Training and Education. Angie accepted a position outside the industry and began her new role on Jan. 4. We miss her greatly, but wish her the best and thank her for her many contributions.

Remember, it pays to be a COPAS member. In 2022, members receive a 50% discount on all COPAS publications. If you’re a member, be sure to sign in to the member portal before placing an order to receive the discounted price.

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