Oil and gas industry newcomers, and others re-assigned to new and challenging duties within the industry, have unique access to a wide swath of energy accounting knowledge through participation in the annual National Oil and Gas Schools, coming this fall to Houston and Denver.
The schools, better known under the NOGS acronym, are specially designed to provide easy access to information and materials that can take months, sometimes even years, to obtain on the job.
Here’s a closer look at the upcoming schools.
The National Oil and Gas Accounting School (NOGAS) is scheduled in Houston on September 11-14, and in Denver on October 23-26. Participants can earn up to 32 CPE hours.
Because of the unique nature of oil and gas operations, it is generally recognized that accounting methods used by oil and gas exploration and production companies are different from the methods used in other industries. Accountants in public firms and industry offices will be introduced to the basic operating activities of an oil and gas exploration and production company, and the proper accounting for property, exploration and development costs under the successful efforts and full cost methods. The focus will be on generally accepted accounting principles for financial reporting purposes.
NOGAS is for all accounting, financial, and tax personnel in oil companies, as well as CPAs who audit these firms or who have oil and gas clients. This school is designed for those who have little on-the-job experience or whose industry experience has been limited to a small segment of the industry’s operations. An accounting background is recommended.
NAASJIO provides the latest information on joint interest accounting and auditing trends, with emphasis on COPAS pronouncements. This course focuses on potential operator and non-operator disputes over treatment of joint account transactions as well as identification of areas where operators may not be maximizing recoupment of costs. Participants will gain an understanding of agreements, how these agreements have changed, and the way they are impacted by COPAS Interpretations and Accounting Guidelines. Individuals will be introduced to COPAS audit techniques and protocols, and examine the challenges facing the joint interest auditor. Discussion of current COPAS projects and case studies complement the course material.
Attendees should include oil and gas accountants and supervisors who work in joint interest accounting groups, oil and gas auditors and supervisors who perform joint interest audits for non-operators, employees responsible for the hosting of joint interest audits for operators, and employees involved in the negotiation/execution of joint operating agreements, and CPAs and firms whose clients own both operated and non-operated working interests.
Accounting for oil and gas revenue in today’s changing environment demands a thorough understanding of the many complex issues involving oil and gas production volumetrics, allocations, valuations and sales. Maximizing cash flow, while determining the correct handling of the revenue, is also essential to every company. It is imperative that your revenue personnel understand the many different facets of oil and gas revenues and their accounting and disbursement to industry partners, royalty owners and working interest owners.
NOGRAS is for those occasionally working with revenue or others just starting in the field. Participants will be exposed to the overall theory and concepts that go into accounting for oil and gas revenue as well as internal and external revenue auditing.
Don Looney, CPA, has over 29 years of supervisory experience in all phases of finance and accounting in the oil and gas industry. Since retiring from Amerada Hess Corporation as Revenue Accounting Manager, Don has become a highly rated instructor for PDI teaching numerous courses in oil and gas accounting.
Jeff Alcott has more than 30 years of experience in oil and gas accounting. The James Madison University graduate began his career with Texaco. He has a background in both upstream and downstream accounting and his areas of responsibility have included financial reporting, supervision of joint venture and gas pipeline accounting groups, special projects, Joint Operating Agreement review and negotiation and joint venture audit resolution. Following his retirement from ChevronTexaco Jeff became a consultant, specializing in joint venture audits, vendor audits, internal reviews and litigation support.