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"Petroleum Accounting: Principles, Procedures & Issues"
by Dennis R. Jennings, Joseph B. Feiten, Horace R. Brock
Рrоfessional Development Institute, РriсеwаtеrhоuseCооpers | 2000 | ISBN:0940966255 9780940966253 | 1102 pages | PDF | 4 MB
This book describes petroleum activities and thenumerous accounting principles, practices, and procedures employed in petroleumfinancial reporting.
This book focuses on United States financialaccounting and reporting for petroleum exploration and production activities.
Contents
1. AN INTRODUCTION TO THE PETROLEUM INDUSTRY BASIC TERMS AND CONCEPTS ANOVERVIEW OF PETROLEUM EXPLORATION AND PRODUCTION. ACCOUNTING DILEMMAS HISTORY OF THE PETROLEUM INDUSTRY INTHE UNITED STATES STATISTICALHISTORY OF THE PETROLEUM INDUSTRY 2. PETROLEUM ECONOMICS A FOCUS ON ADDING RESERVE VALUE PETROLEUMECONOMICS TODAY FROM A GLOBAL PERSPECTIVE THE FRAMEWORK FOR U.S. ECONOMICS. 3. ORGANIZATION OF AN E&P COMPANY EXPLORATION DEPARTMENT. DRILLINGAND PRODUCTION DEPARTMENT MARKETING DEPARTMENT. ADMINISTRATIVE DEPARTMENT.ORGANIZATION OF THE ACCOUNTING FUNCTION INFORMATION SYSTEMS GENERAL ACCOUNTINGSTRUCTURE OF AN INTEGRATED COMPANY OUTSIDE ORGANIZATIONS 4. ACCOUNTING PRINCIPLES FOR OIL AND GAS PRODUCING ACTIVITIES HISTORICALBACKGROUND CLASSIFICATION OF COSTS INCURRED CAPITALIZATION OVERVIEW UNDERSUCCESSFUL EFFORTS ACCOUNTING. OVERVIEW OF AMORTIZATION UNDER SUCCESSFULEFFORTS ACCOUNTING. CHART OF ACCOUNTS. ANALYSIS OF ACCOUNTS FOR SUCCESSFULEFFORTS ACCOUNTING. OVERVIEW OF FULL COST ACCOUNTING OVERVIEW OF INCOME TAXACCOUNTING 5. GEOLOGICAL AND GEOPHYSICAL EXPLORATION. THE NATURE OF EXPLORATION COSTSORIGIN OF PETROLEUM MIGRATION AND TRAPPING OF HYDROCARBONS GEOLOGICAL ANDGEOPHYSICAL EXPLORATION METHODS 6. ACCOUNTING FOR EXPLORATION COSTS ACCOUNTS AND SUBACCOUNTS FOREXPLORATION EXPENSE SPECIAL PROBLEM AREAS IN ACCOUNTING FOR EXPLORATION COSTS. 7. UNPROVED PROPERTY ACQUISITION, RETENTION, AND SURRENDER. THE LEASECONTRACT. OPERATING AND NONOPERATING MINERAL INTERESTS GENERAL LEDGER ACCOUNTSFOR UNPROVED MINERAL INTERESTS ACCOUNTING FOR UNPROVED MINERAL LEASEHOLDACQUISITIONS ACCOUNTING FOR MAINTENANCE AND CARRYING COSTS OF UNPROVEDPROPERTIES ACCOUNTING FOR IMPAIRMENT AND ABANDONMENT OF UNPROVED LEASES TOPLEASES AND LEASE RENEWALS TAX TREATMENT OF UNPROVED PROPERTY ACQUISITION,MAINTENANCE, AND ABANDONMENT COSTS SPECIAL NONOPERATING INTERESTS CREATEDOUT OF THE WORKING INTEREST 8. DRILLING AND DEVELOPMENT. PREPARING FOR DRILLING DRILLING CONTRACTS THEDRILLING PROCESS. COMPLETING THE WELL DEVELOPMENT OF THE RESERVOIR WELLCOSTS 9. ACCOUNTING FOR COSTS INCURRED IN DRILLING AND EQUIPPING OIL ANDGAS PROPERTIES SUCCESSFUL EFFORTS ACCOUNTING FOR EXPLORATORY WELL COSTS. FULLCOST ACCOUNTING FOR EXPLORATORY WELL COSTS SUCCESSFUL EFFORTS ACCOUNTINGFOR DEVELOPMENT WELL COSTS. FULL COST ACCOUNTING FOR DEVELOPMENT WELL COSTS SPECIALPROBLEMS IN ACCOUNTING FOR DRILLING AND DEVELOPMENT AFE SYSTEM FOR DRILLING ANDDEVELOPMENT 10. ACCOUNTING FOR JOINT OPERATIONS LEGAL FORMS OF JOINTACTIVITIES JOINT VENTURES
JOINT VENTURE AGREEMENTS THE JOINT OPERATING AGREEMENT (JOA). ACCOUNTINGPROCEDURE PROVISIONS OF JOINT OPERATING AGREEMENTS. RECORDING JOINT INTERESTTRANSACTIONS MATERIAL TRANSFERS. JOINT INTEREST AUDITS ELECTRONIC DATAINTERCHANGE (EDI) E-COMMERCE 11. PRODUCTION AND VOLUME MEASUREMENT PLACING THE WELL ON PRODUCTION MEASURINGVOLUMES OF OIL AND GAS. GAS PROCESSING 12. MARKETING crude OIL, NATURAL GAS, and NGL CRUDE OIL MARKETING. NATURALGAS MARKETING NATURAL GAS LIQUIDS MARKETING
13. ACCOUNTING FOR OIL, GAS, AND NGL SALES
INTRODUCTION
SOME GENERAL ISSUES
PRODUCTION TAXES AND AD VALOREM TAXES
ACCOUNTING FOR OIL SALES.
ACCOUNTING FOR NATURAL GAS SALES
ACCOUNTING FOR RESIDUE GAS AND NGL SALES
SPECIAL ROYALTY PROVISIONS
ACCOUNTING FOR REINJECTED GAS
14. GAS IMBALANCES
INTRODUCTION
PIPELINE GAS IMBALANCES
PRODUCER GAS IMBALANCES
15. PRODUCTION COSTS
PRODUCTION COSTS DEFINED
ACCOUNTING FOR PRODUCTION COSTS
16. OIL AND GAS RESERVES.
INTRODUCTION
GENERAL DEFINITIONS AND CATEGORIES
PROVED RESERVE CLASSIFICATIONS.
RESERVE ESTIMATION
17. DEPRECIATION, DEPLETION, AND AMORTIZATION (DD&A) UNDER THE SUCCESSFULEFFORTS METHOD.
GENERAL PRINCIPLES OF AMORTIZATION
JOINT PRODUCTION OF OIL AND GAS.
18. ACCOUNTING FOR THE IMPAIRMENT OF LONG-LIVED ASSETS OVERVIEW
APPLICATION ISSUES
19. THE FULL COST ACCOUNTING METHOD.
THE COST CENTER.
COSTS TO BE CAPITALIZED.
AMORTIZATION OF CAPITALIZED COSTS
INTEREST CAPITALIZATION
LIMITATION ON CAPITALIZED COSTS
MINERAL CONVEYANCES AND PROMOTIONAL ACTIVITIES
20. ASSET RETIREMENT OBLIGATIONS.
REGULATORY AND OPERATIONAL ENVIRONMENT
CURRENT ACCOUNTING.
EXPOSURE DRAFT ON ASSET RETIREMENT OBLIGATIONS
21. ACCOUNTING FOR CONVEYANCES
GENERAL PRINCIPLES OF ACCOUNTING FOR CONVEYANCES.
SALES AND SUBLEASES OF UNPROVED MINERAL INTERESTS
SALES OF PROVED PROPERTIES.
RETIREMENT OF PROVED PROPERTIES
SALES AND ABANDONMENTS UNDER THE FULL COST METHOD
ACQUISITIONS OF E & P PROPERTY.
BUSINESS COMBINATIONS
OVERRIDING ROYALTY CONVEYANCES
GENERAL TAX TREATMENT OF SALES AND LEASES
22. PRODUCTION PAYMENTS AND NET PROFITS INTERESTS
ACCOUNTING BASED ON THE ATTRIBUTES OF OWNERSHIP
PRODUCTION PAYMENTS
NET PROFITS INTEREST
ACCOUNTING RULES FOR OTHER PROPERTY CONVEYANCES
FULL COST ACCOUNTING
TAX ACCOUNTING.
23. FARMOUTS, CARRIED INTERESTS, AND UNITIZATIONS
FARMOUTS.
FREE WELLS.
CARRIED INTERESTS
PROMOTED VS. PROMOTING.
UNITIZATIONS.
CREATION OF JOINT VENTURES.
FULL COST ACCOUNTING
TAX ACCOUNTING.
24. ACCOUNTING FOR PARTNERSHIP INTERESTS
GENERAL PARTNERSHIPS
LIMITED PARTNERSHIPS
TRANSACTIONS BETWEEN THE PARTNER AND THE PARTNERSHIP 1 MASTER LIMITEDPARTNERSHIPS
25. ACCOUNTING FOR INTERNATIONAL OPERATIONS
RISKS OF INTERNATIONAL E & P
FORMS OF OPERATION IN A FOREIGN COUNTRY
INTRODUCTION TO FISCAL SYSTEMS.
CONCESSIONS
CONTRACTUAL ARRANGEMENTS
OTHER ACCOUNTING MATTERS UNIQUE TO INTERNATIONAL
OPERATIONS.
MISCELLANEOUS ISSUES
26. BASIC E & P INCOME TAX RULES
OVERVIEW OF U.S. TAX ON OIL AND GAS
THE OIL AND GAS PROPERTY
ECONOMIC INTEREST
LEASEHOLD.
GEOLOGICAL AND GEOPHYSICAL COSTS
DEVELOPMENT COSTS
DEPLETION
SHARING ARRANGEMENTS
LOSS LIMITATIONS
ALTERNATIVE MINMUM TAX.
FORMS OF ORGANIZATION
INCOME TAX CREDITS
27. ACCOUNTING FOR INCOME TAXES
IDENTIFYING TYPES AND AMOUNTS OF TEMPORARY DIFFERENCES.
FRAGMENTING TEMPORARY DIFFERENCES.
MEASURING TAX EFFECTS OF TEMPORARY DIFFERENCES
ASSESSING NEED FOR A VALUATION ALLOWANCE
DETERMINING FINANCIAL STATEMENT PRESENTATION
MAKING FINANCIAL STATEMENT DISCLOSURES
OTHER CONSIDERATIONS
28. NONVALUE DISCLOSURES ABOUT OIL AND GAS PRODUCING ACTIVITIES.
HISTORY OF DISCLOSURE REQUIREMENTS
OVERVIEW OF DISCLOSURES
FAS 69 NONVALUE DISCLOSURES AND RELATED SEC RULES
SPECIAL DISCLOSURES FOR COMPANIES USING FULL COST
OTHER SEC DISCLOSURES REQUIREMENTS
29. VALUE BASED DISCLOSURES
DISCLOSURE RULES.
SMOG COMPUTATION EXAMPLE
COMBINED SMOG DISCLOSURE, FIELD NO. 1 AND FIELD NO. 2, AS OF 12/31/00
YEAR-END PRICING
USEFULNESS OF THE DISCLOSURES
30. VALUATION OF PROVED OIL AND GAS PROPERTIES.
GENERAL VALUATION CONCEPTS
VALUATION METHODS FOR PROVED OIL AND GAS PROPERTIES.
31. OFFSHORE OPERATIONS AND ENHANCED RECOVERY.
OFFSHORE OPERATIONS.
ENHANCED RECOVERY
32. DERIVATIVES AND HEDGE ACCOUNTING
BACKGROUND.
COMMON TYPES OF COMMODITY-BASED DERIVATIVE INSTRUMENTS
USES OF DERIVATIVES IN THE ENERGY INDUSTRY
RISKS ASSOCIATED WITH DERIVATIVES.
ACCOUNTING GUIDANCE.
INTERNAL CONTROLS.
33. RISK MANAGEMENT
RISK
RISK MANAGEMENT - INTERNAL CONTROL AND MORE.
IMPORTANCE OF RISK MANAGEMENT TO THE E&P INDUSTRY
IMPACT OF RISK MANAGEMENT ON PETROLEUM ACCOUNTING.
APPENDIX 1: REGULATION S-X RULE 4-10
APPENDIX 2: SEC STAFF ACCOUNTING BULLETINS, TOPIC 12
APPENDIX 3: FASB CURRENT TEXT SECTION 0I5, OIL AND GAS PRODUCING ACTIVITIES
APPENDIX 4: ILLUSTRATIVE E&P FINANCIAL STATEMENTS AND SUPPLEMENTALDISCLOSURES.
APPENDIX 5: ILLUSTRATIVE CHART OF ACCOUNTS
APPENDIX 6: MMS LEASING FORM.
APPENDIX 7: TEXAS OFFSHORE LEASING FORM.
APPENDIX 8: ILLUSTRATIVE DAY RATE DRILLING CONTRACT
APPENDIX 9: A.A.P.L. FORM 610-1989
MODEL FORM OPERATING AGREEMENT
APPENDIX 10: COPAS ACCOUNTING PROCEDURE EXHIBIT
APPENDIX 11: OTHER REFERENCE SOURCES.
GLOSSARY
INDEX
PetroleumAccountingX7.rar
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