Principles of Revenue Accounting Boot Camp

Principles of Revenue Accounting Boot Camp

Designed for individuals who wish to gain a basic Revenue Accounting understanding. It is suitable for petroleum industry new hires, business professionals, investment advisors, analysts, regulators, government employees, accountants (CPA and Non-CPA), lawyers, community leaders, and the general public.

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

 

Program Level: Basic        CPE Credits: 16 hours      Delivery: Group-Live       Prerequisites: None

Advance Prep: None         Field of Study: Accounting

Cost: See pricing on registration opportunities, and for custom private courses contact Angie.Knipe@copas.org