Principles of Revenue Accounting Boot Camp: Virtual Classroom

  • 9 am CST
  • 16H
  • Basic
  • Group Internet Based
  • None
  • None
  • Accounting
  • Salomon Tristan

The goal of our Principles of Revenue Accounting Boot Camp is to equip students with the foundational knowledge they need to get a solid grasp of industry-focused revenue accounting procedures. This course is designed to deliver engaging, relevant education to those new to the oil and gas arena and is also recommended for anyone who needs a refresher, and experienced accountants changing specialty focus into the revenue area.

Clear

$650.00 $520.00

Description

Course Content

This course covers the following topics:

  • Industry History and Value Chain
    •  History
    • Exploration
    • Petroleum Products
  • Oilfield Operations and Production Accounting
    • Production
    • Flow
    • Measurement
    • Quality
  • Oil Lease Sales Accounting
    • Contracts
    • Volumetric Data
    • Oil Pricing
  • Oil Off-lease Sales Accounting
    • Off-lease Contracts
    • Pricing
    • Transportation and Downstream Requirements
  • Gas Operations Production Accounting
    • Production and Processes
    • Gas Types and Measurement
  • Gas Lease Sales Accounting
    • Contracts and Pricing
    • Volumetric Data
    • Accounting Entries
  • Gas Off-lease Sales Accounting
    • Contracts
    • Transportation
    • Nominations
    • Net-back Pricing
    • Sales Entries
  • Gas Plant Accounting
    • Processing
    • NGLs
    • Contract types
    • Gas Allocation
    • Accounting Entries
  • Producer and Pipeline Imbalances
    • Statements and Settlements
  • Production and Severance Taxes
    • Deductions
    • State Differences
    • Tax Incentives
    • Tax Audits
  • Private and State Federal Royalties
    • State Royalty Payments
    • ONRR payments
  • Check Stub Processing
    • Processing Checks
    • Operator Questions
    • Data Verification
  • Revenue Accountant Relationships
    • Data Needs
    • Inter-departmental Relationships
    • Partners and Working with Purchasers
  • Variance Analysis Analytics
    • Close Activities
    • Variance Analysis Process
    • Reconciliations
    • Period Adjustments

Learning Objectives

Upon completion of this course, you will be able to:

  1. Describe the upstream oil and gas industry
  2. Recognize past and current market regulation
  3. Describe the critical role of the revenue accountant
  4. Describe production processes of oil and gas products and by-products
  5. Recall various product measurement approaches, standards and product allocation methods
  6. Explain, interpret and execute the various types of lease agreements and provisions
  7. Apply the sales and entitlement methods of accounting
  8. Prepare complete accounting entries for common dispositions