MFI-21 Overhead Principles

This document provides guidance as to the difference between Indirect Costs (covered by overhead) and Direct Costs and provides an overview of Overhead provisions specific to each Model Form to increase awareness regarding the implications and consequences associated with various Overhead options.  The document includes detailed discussions of District Expense, Administrative overhead, Warehousing, First Level Supervision, Technical Labor, Personal Expenses, Major Construction, Catastrophe, and Project Team Overhead, and several other areas where confusion has existed. 41 pages. Rev. 2002
Includes the Addendum 1 – MFI-21 AD-1 Overhead – Joint Operations, 2005 Accounting Procedure

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Description

Table of Contents

  1. INTRODUCTION
  2. DRILLING AND PRODUCING OPERATIONS – OVERHEAD
    1. METHODS OF RECOVERY
      1. DISTRICT EXPENSE
      2. ADMINISTRATIVE OVERHEAD
      3. WAREHOUSE OPERATING AND MAINTENANCE EXPENSE
      4. COMBINED RATES
      5. FIXED RATE
    2. DIRECT VS INDIRECT COSTS
      1. FIRST LEVEL SUPERVISION
      2. TECHNICAL LABOR
      3. PERSONAL EXPENSES
      4. COST OF CONDUCTING INVENTORIES
      5. FIELD COMPUTER AND COMMUNICATION SYSTEMS
      6. EARLY RETIREMENT INCENTIVE/SEVERANCE COMPENSATION
  3. MAJOR CONSTRUCTION AND CATASTROPHE OVERHEAD
    1. GENERAL COMMENTS
    2. MAJOR CONSTRUCTION OVERHEAD
    3. CATASTROPHE OVERHEAD
  4. PROJECT TEAM OVERHEAD
  5. GLOSSARY

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