Download our Gas Plant Accounting Whitepaper!

Stakeholders rely on financial statements to assess the financial health of oil and gas companies. Proper accounting practices build trust among investors, regulators, and the public, fostering confidence in the industry. Oil and gas retained earnings balance sheet companies need to adhere to specific regulatory and tax reporting requirements, and their financial reporting has to comply with industry standards and guidelines. These requirements vary widely from state to state, and it’s important to have a system that can support these requirements and make compliance a breeze. Companies are bought, sold, and relocated – which leads to changes in work for some people, including myself.

ACCOUNTING MANAGER – CHAGRIN FALLS, OH – GROWING CONSTRUCTION COMPANY WITH ROOM FOR ADVANCEMENT!

Shorten close cycles, reduce costs, and maximize production by simplifying complex accounting processes. Streamline settlements and ensure accurate allocations, consistent payments, and precise invoices. Build trust with counterparties and enhance confidence during audits. Regardless of industry, all publicly traded https://x.com/bookstimeinc companies in the United States follow accounting principles set forth by U.S. The Financial Accounting Standards Board (FASB) develops and maintains U.S. GAAP, which encompasses a broad set of principles, standards, and guidelines.

• If you need a non-standard report, you can create it in Access or Excel.
• An opportunity to do gas plant settlement accounting came along, so she decided to see where it led— she started working for The Resource Company, which was later merged with Eddye Dreyer to create PetroLedger, in 1999.
• Oil and gas companies need to adhere to specific regulatory and tax reporting requirements, and their financial reporting has to comply with industry standards and guidelines.
• If there are problems when importing data, like adding gas volume records for a meter that is not in GPIS, those issues are tracked in an import error log.
• The three major oil and gas accounting fields are upstream, midstream, and downstream.
• We will be using Microsoft Teams to facilitate your participation in the upcoming event.

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The professionals at Martindale Consultants know industry knowledge and resources are key components of oil and gas accounting successful projects. See our Resources page for various COPAS and other resources that joint venture auditors or oil and gas accountants will use. Maximize productivity and profitability with comprehensive transaction management.

Midstream Accounting

Mr. Hodgson also currently serving on the COPAS APA Board of Examiners and serves as the Chair of the COPAS Midstream/Downstream Subcommittee. Dan Hodgson works to assist management in making significant sound decisions and to raise the standard of Gas Plant and NGL accounting by leading and passing on knowledge and understanding. Harrison is very involved with the University of Tulsa, where he earned a degree in MIS and Accounting. When there are conflicts between different accounting principles or methods, a hierarchy exists to guide the selection of the most appropriate principle. The hierarchy includes authoritative guidance from standard-setting bodies.

ERP Data Conversions For The Oil & Gas Industry

Provide necessary operational and tax reports to regulators, ensuring compliance. Support for filing severance tax reporting requirements across 8 states and the ONRR. Join hydrocarbon gathering and processing companies of all sizes who trust the industry’s standardized solution of over two decades. Discover an intuitive, adaptive platform designed for flexible, seamless handling of exceptions. With PetroLedger, you get a team of accounting veterans who understand your business and goals.

Easily access data on gas flows and manage the entire allocation and settlement process. Your whole team can attend at a discounted rate and learn not only the basics of midstream accounting but also the deeper issues affecting this vital function. Efficiently manage purchase, marketing, and gathering contracts with workflow tools and automated delivery. Leverage the industry’s most adopted and proven allocation engine for gas and NGLs.

• Join hydrocarbon gathering and processing companies of all sizes who trust the industry’s standardized solution of over two decades.
• It enables companies to assess project viability, allocate resources efficiently, and make strategic decisions that contribute to long-term success in the industry.
• When that company moved out of state, she worked for a few different companies doing revenue and inventory accounting, but she was not excited about what I was doing.
• When there are conflicts between different accounting principles or methods, a hierarchy exists to guide the selection of the most appropriate principle.

PetroLedger provides comprehensive transactional outsourcing to help energy companies get more value out of their back office. Understanding the complex measurements, contracts, allocations, and valuations requires the right people and the right systems. In this whitepaper, you can learn how to drive long-term success with an outsourced accounting solution. Optimize gas gathering, processing, and plant accounting workflows with My Quorum TIPS, the first cloud-based solution offering comprehensive industry solutions. Enhance efficiency, improve end-to-end transactional visibility, and minimize risk with a system created for the midstream industry. PetroLedger’s plant accounting team is highly skilled and understands the complexities that are involved, and we can help navigate the challenges and complexities of gas plant accounting.

• The Financial Accounting Standards Board (FASB) develops and maintains U.S.
• Joint venture accounting is crucial to accurately reflect each participant’s share of costs, revenues, and other financial aspects.
• We can tackle all these differences both big and small all while providing you the best service.
• Learn about common challenges with gas plant accounting and the functionality of gas processing plants by watching our 2-Minute Training video.

Formal Accounting Guidance

The scalability of PetroLedger’s work allows me to easily tackle all of these variations our clients have in their work. I like to work with our clients and understand their systems so that we can ensure that the settlement process reflects their process. Accurate gas plant accounting starts with a solid understanding of the process – from wellhead to plant tailgate. This can be a complex process, but having a high level of knowledge can create a seamless process. The Federal Energy Regulatory Commission has established regulatory accounting and financial reporting requirements for its jurisdictional entities in the electric, natural gas, and oil pipeline industries. These requirements play a vital role in the Commission’s strategy of setting just and reasonable cost-of-service rates.