Public companies become very busy preparing SEC filings and there is no doubt that discussions of impairments of oil and gas assets will occur in the coming months. In most cases, privately held companies do not have to report to the SEC but are finding that it is becoming increasingly important to pay close attention […]
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A Guide to Navigating Acquisitions and Divestitures for Oil and Gas Accountants
As you already know, many companies in the oil and gas industry take part in divesting and acquiring new assets to increase profitability. While this can be very lucrative in many cases, it can lead to some tough conversations and decisions for the accounting team and other departments. This guide will help you feel more […]
Continue readingCurrent Economic Impact on Oil and Gas Industry Accounting and Financial Reporting
In early March 2020, crude oil prices declined significantly in response to disruptions in worldwide oil demand due to the economic impacts of COVID-19 and an oversupply in the market. Market uncertainties have also impacted natural gas prices and demand. These trends, including a potential economic downturn, could have an adverse and material impact to […]
Continue readingCOPAS Elects New Directors and Board Officers for 2021
Upon the culmination of its annual Fall meeting on September 24th, COPAS has re-elected one director and elected two new individuals to its board of directors. They will serve three-year terms that will start on January 1st, 2021 and will end on December 31st, 2023. Melissa Gruenewald, the founder and CEO of Green Forest Financial, […]
Continue readingSuccessful Efforts vs Full Cost Accounting: An Introduction
Oil and gas exploration companies in the oil and gas industry have two choices in accounting for exploration and development costs. Successful efforts accounting is a method which writes off expenses associated with exploration, including unsuccessful wells. Full cost accounting is a method that capitalizes the exploration costs and drilling of wells, regardless of the […]
Continue readingHow to Choose the Best Oil and Gas Accounting Software
As accounting pros, many of us have used a variety of software programs and over the years discovered that some were definitely better than others. When it comes to the oil and gas accounting software, out of the box solutions just don’t seem to give us all of the features we need like AFE, JIB, […]
Continue readingOil and Gas Marketing ROI in the Digital Age
Although you are not exactly part of a marketing team, marketing in the oil and gas industry is still relevant to your role as an accountant because the ROI of those marketing efforts directly relates to a company’s financial health. More oil and gas companies than ever are embracing the power of marketing, particularly in […]
Continue readingWhat are CPE Credits? A Guide to CPE Credits for CPAs
As an accounting professional, you might already know about how important it is to continue learning to help further your career and provide value to your company. The accounting world is constantly changing with new technology and processes to updated regulations and certifications. With that being said, it is important to know what resources are […]
Continue readingAPA® Exam Overview and Important Information
Overview The Accredited Petroleum Accountant® (APA®) certification exam is responsible for accrediting accountants within the oil and gas industry. While accounting professionals in any industry need to have an understanding of basic concepts, petroleum accountants operate under unique guidelines and principles. In preparing for and earning the APA® credential, you will be exposed to information […]
Continue readingMeet Trey Thee
Title: Manager – Finance and District Analytics Society: Tulsa Position: Director Member Spotlight 1. Where do you live? Owasso Oklahoma 2. How long have you been involved with COPAS? 9 years 3. What has been your favorite COPAS Event? Either San Diego or the PASO hosted event in Arizona. 4. What do you think the […]
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