Description

In many industries, tracking revenues is a straightforward process. The company manufactures the product, sets the price, sells it, and gains profit. But we can’t say the same for the petroleum industry. Oil and gas revenue accounting comes with unique challenges. For one, the inventory is undefined. You can only rely on oil and gas reserves estimation, a process that continues throughout the life of the field. Also, oil and gas prices are not set; they change depending on the supply and demand, derivatives, and other factors. To help overcome these accounting challenges, COPAS has developed a boot camp focused on teaching participants the basic principles of revenue accounting in the oil and gas industry.

The goal of our basic course on revenue accounting in the oil and gas sector is to equip students with the foundational knowledge they need to get a solid grasp of industry-focused revenue tracking procedures. This course is designed to deliver engaging, relevant education to those new to the oil and gas arena. It’s also recommended for anyone who needs a refresher.

Why Enroll at COPAS?

Since 1961, COPAS has been driving innovative solutions that help strengthen the accounting profession in the oil and gas industry. We continue to address the complexities of the industry by developing standardized procedures and guidelines, providing resources, and developing course programs. One of those programs is our basic revenue accounting course designed for accounting professionals who are new to the oil and gas industry. We offer this course in the form of a boot camp. This way, we foster an engaging, effective learning environment for all participants. Moreover, as an organization comprised of the most knowledgeable and influential accountants in North America, we have curated an expert faculty to teach our Principles of Revenue Accounting course. Get in touch with us today to learn more.

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

If you’re unable to attend in person, please check out our Principles of Revenue Accounting live webinar series.