TR-9 Petroleum Industry Accounting Educational Training Guide

The principal objective of this training guide is to provide a brief resumé of the scope of operations of the oil & gas industry and the accounting relating thereto, providing a more comprehensive understanding of the accounting required for oil and gas operations. 100 pages. Rev. 2014.

Clear

$50

Table of Contents

  1. INTRODUCTION
    1. History of the Oil and Gas Industry
  2. BASIC ORGANIZATION OF AN OIL AND GAS COMPANY
    1. Organization
  3. ACCOUNTING PRINCIPLES
    1. Classification of Costs Incurred
    2. Successful Efforts Method
    3. Full Cost Method
  4. OWNERSHIP OF AN ECONOMIC INTEREST IN OIL AND GAS PROPERTIES
    1. Land Functions
    2. Acquisition of an Economic Interest in Unproved Properties
    3. Accounting Principles for Ownership of Unproved Properties
  5. EXPLORATION ACTIVITIES AND COSTS
    1. Geological and Geophysical
    2. Accounting for Exploration Costs
  6. DRILLING AND COMPLETING ACTIVITIES
    1. Drilling and Development
    2. Accounting for Costs Incurred in Drilling and Completing
  7. OIL AND GAS REVENUES
    1. Accounting for Oil Revenues
    2. Accounting for Natural Gas Revenues
  8. PRODUCTION COSTS
    1. Production Costs Defined
    2. Accounting for Production Costs
    3. Depreciation, Depletion and Amortization (DD&A) Under Successful Efforts Method
    4. Asset Retirement Obligations
    5. Impairment of Proved Properties under Successful Efforts Method
    6. Amortization under the Full Cost Method
    7. Cost Ceiling under Full Cost Method
  9. MINERAL CONVEYANCES
    1. Types of Non-Operating Interests
    2. Conveyance Transactions
  10. ACCOUNTING FOR JOINT OPERATIONS
    1. Creation of Joint Operations
    2. The Joint Operating Agreement
    3. Accounting Procedure
    4. Recording Joint Interest Transactions
  11. GLOSSARY