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Accounting in the Oil and Gas Industry: A Comprehensive Analysis
Author: Dr. Evelyn Reed, CPA, CGMA
Dr. Evelyn Reed is a certified public accountant (CPA) and a Chartered Global Management Accountant (CGMA) with over 20 years of experience in the energy sector. Her expertise lies in financial reporting, auditing, and tax compliance within the oil and gas industry, specifically focusing on the unique accounting challenges presented by exploration, production, and revenue recognition. She holds a Ph.D. in Accounting from the University of Texas at Austin and has published numerous articles in peer-reviewed journals on topics related to accounting in the oil and gas industry.
Publisher: Wiley & Sons
Wiley & Sons is a leading global publisher of scientific, technical, medical, and scholarly journals and books. Their reputation for rigorous peer-review processes and their extensive catalogue of resources related to finance, accounting, and the energy sector establish their authority on topics such as accounting in the oil and gas industry. Their publications are widely respected within academic and professional circles.
Editor: Professor David Chen, PhD, CPA
Professor David Chen is a distinguished professor of accounting at Stanford University with over 30 years of experience in teaching and research. His expertise focuses on financial reporting standards and the accounting challenges faced by complex industries, including oil and gas. His involvement as editor lends significant credibility and academic rigor to this article.
Keywords: accounting in oil and gas industry, oil and gas accounting, energy accounting, upstream accounting, downstream accounting, midstream accounting, financial reporting in oil and gas, revenue recognition in oil and gas, asset valuation in oil and gas, oil and gas taxation.
1. Historical Context of Accounting in the Oil and Gas Industry
The accounting practices within the oil and gas industry have evolved significantly throughout its history. Early accounting methods were relatively rudimentary, often focusing on simple cost tracking and revenue recognition. However, as the industry matured and exploration moved from onshore to offshore, and technological advancements increased the complexity of operations, the need for more sophisticated accounting methods became apparent. The discovery and extraction of oil and gas involve substantial upfront investments, long lead times, significant risk, and fluctuating commodity prices. These characteristics necessitate specialized accounting techniques to accurately reflect the financial position and performance of companies operating in this sector.
The development of Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) further shaped accounting in the oil and gas industry. These standards provide frameworks for consistent and comparable financial reporting, addressing critical issues like asset valuation (proving reserves), revenue recognition (long-term contracts and derivative instruments), and the treatment of exploration and development costs. The introduction of full-cost accounting and successful efforts accounting approaches reflected the industry’s ongoing efforts to enhance transparency and financial reporting reliability.
2. Current Relevance of Accounting in the Oil and Gas Industry
Today, accounting in the oil and gas industry continues to be a highly specialized field. The accounting challenges are multifaceted and include:
Asset Valuation: Accurately valuing oil and gas reserves is critical, considering their long-term nature and susceptibility to price fluctuations. This necessitates sophisticated valuation techniques and rigorous reserve estimations. The inherent uncertainty associated with reserve estimation presents significant challenges for financial reporting.
Revenue Recognition: The complexities of long-term contracts, joint ventures, and derivative instruments used for hedging price risk require specialized expertise in revenue recognition principles. Changes in accounting standards, particularly regarding IFRS 15, have significantly impacted the revenue recognition process within the industry.
Exploration and Development Costs: The treatment of exploration and development costs (E&D) requires careful consideration, as these costs are often significant and can impact the financial statements dramatically. Decisions about capitalization versus expensing these costs significantly impact reported profits.
Environmental Liabilities: The oil and gas industry faces substantial environmental liabilities related to remediation, decommissioning, and climate change impacts. Accurately accounting for these potential costs is crucial for providing a complete picture of the company’s financial position. This increasingly involves extensive environmental impact assessments and the development of detailed liability models.
Tax Compliance: The oil and gas industry is subject to complex and often changing tax regulations, both domestically and internationally. Expertise in international tax regulations is critical for multinational oil and gas companies.
3. Specific Accounting Practices in Oil and Gas
Several key accounting practices are unique to or especially important within the oil and gas industry:
Successor Accounting: This addresses the accounting for the acquisition of oil and gas assets, requiring careful attention to the valuation of reserves and the allocation of purchase price.
Joint Ventures and Production Sharing Agreements: These are common in the oil and gas industry, requiring specialized accounting treatments to allocate revenues and costs fairly among participants.
Hedge Accounting: This is vital for managing price risk associated with oil and gas commodities, requiring sophisticated accounting techniques to effectively report hedged transactions.
4. The Future of Accounting in the Oil and Gas Industry
The future of accounting in the oil and gas industry will be significantly shaped by several key factors:
Sustainability Reporting: Growing pressure from investors and stakeholders to disclose environmental, social, and governance (ESG) information will necessitate the development of robust sustainability reporting frameworks and the integration of ESG factors into financial reporting.
Technological Advancements: Technological advancements in data analytics and artificial intelligence will transform how companies manage their financial data, improve forecasting accuracy, and enhance transparency in reporting.
Regulatory Changes: Ongoing changes in accounting standards and tax regulations will require continuous adaptation and professional development for accountants working in the industry.
Conclusion:
Accounting in the oil and gas industry is a highly specialized and complex field demanding expertise in various accounting principles and practices. The historical evolution of these practices, driven by industry growth, technological advances, and regulatory changes, has resulted in a sophisticated accounting landscape. Understanding the unique accounting challenges related to asset valuation, revenue recognition, exploration costs, environmental liabilities, and tax compliance is paramount for companies operating in this sector. As the industry navigates a transition towards more sustainable practices and adapts to technological advancements, accounting professionals will play a critical role in ensuring transparency, accuracy, and reliability in financial reporting.
FAQs:
1. What is the difference between full-cost and successful efforts accounting? Full-cost accounting capitalizes all exploration and development costs, while successful efforts accounting only capitalizes costs associated with successful explorations.
2. How are oil and gas reserves valued? Reserves are valued using discounted cash flow models, considering future production, commodity prices, and operating costs.
3. What are the key challenges in revenue recognition in the oil and gas industry? Key challenges include the treatment of long-term contracts, joint ventures, and the impact of price fluctuations.
4. How are environmental liabilities accounted for? Environmental liabilities are estimated based on the present value of future remediation and decommissioning costs.
5. What are the implications of IFRS 15 for oil and gas companies? IFRS 15 introduced a five-step model for revenue recognition, significantly impacting how companies account for long-term contracts and other arrangements.
6. What is the role of internal controls in oil and gas accounting? Strong internal controls are crucial to ensure the accuracy and reliability of financial reporting, particularly given the complexities of the industry.
7. What are the key tax considerations for oil and gas companies? Key tax considerations include depletion allowances, foreign tax credits, and the treatment of intangible assets.
8. How is technology impacting accounting in the oil and gas industry? Technology is improving data analytics, automation, and real-time reporting, leading to increased efficiency and accuracy.
9. What are the career prospects for accountants specializing in the oil and gas industry? Career prospects are strong, particularly for professionals with expertise in IFRS, US GAAP, and specialized knowledge of oil and gas accounting practices.
Related Articles:
1. "Revenue Recognition under IFRS 15 in the Oil and Gas Industry": This article explores the application of IFRS 15 to revenue recognition in the oil and gas sector, highlighting specific challenges and practical implications.
2. "Asset Valuation and Impairment in Oil and Gas Exploration": This article focuses on the valuation of oil and gas reserves, discussing different valuation techniques and addressing impairment issues.
3. "Environmental Liabilities and Accounting for Decommissioning Costs": This article analyzes the accounting treatment of environmental liabilities and decommissioning costs, providing practical guidance for oil and gas companies.
4. "The Impact of Tax Regulations on Oil and Gas Operations": This article discusses the various tax regulations affecting oil and gas companies globally, including depletion allowances, royalties, and international taxation.
5. "Internal Controls and Fraud Prevention in the Oil and Gas Sector": This article focuses on the importance of robust internal controls in mitigating fraud risks within the oil and gas industry.
6. "Data Analytics and its Application in Oil and Gas Accounting": This article explores the use of data analytics to improve the efficiency and accuracy of oil and gas accounting.
7. "ESG Reporting and Sustainability in the Oil and Gas Industry": This article discusses the evolving landscape of ESG reporting and its implications for oil and gas companies.
8. "Hedge Accounting and Risk Management in the Oil and Gas Industry": This article explains hedge accounting practices and how they help oil and gas companies manage price risks.
9. "Joint Ventures and Production Sharing Agreements: An Accounting Perspective": This article analyzes the accounting treatments of joint ventures and production sharing agreements common in oil and gas projects.
| accounting in oil and gas industry: Principles and Theory of Oil and Gas Accounting U. E. Etowa, J. O. Udoayang, 2017-07-17 Principles and Theory of Oil and Gas Accounting (First Edition) is a textbook on Oil and Gas Accounting covering the Principles, Theory and practical Applications of Oil and Gas Accounting in Oil and Gas operating Companies around the World. Emergence of this book Principles and Theory of Oil and Gas Accounting is as a result of our training in B. Sc, M. Sc Accounting and our various researches in the field of Oil and Gas Accounting during our Ph.D research works and our practical experience gained through consultancy services in Oil and Gas related Companies. Oil and Gas Accounting is a relatively new area in conventional Accounting studies. Although, Oil and Gas prospecting, exploration, development and production dates back to 1950s in Nigeria and about 1830s in United States of America and other Countries in the World. This book's main objectives are to contribute to knowledge and to promote further research in Accountancy studies. |
| accounting in oil and gas industry: Fundamentals of Oil and Gas Accounting Rebecca A. Gallun, John W. Stevenson, 1983 |
| accounting in oil and gas industry: Petroleum Accounting Horace R. Brock, John P. Klingstedt, Donald M. Jones, 1992-02-01 PETROLEUM ACCOUNTING has earned a reputation as a textbook written in clear terms for all ranges of experience. Since its inception, this textbook has provided petroleum industry professionals with comprehensive coverage of oil & gas accounting. Updated as necessary, PETROLEUM ACCOUNTING remains an important tool in the petroleum accountant's library. In a single volume, the reader will find essential information to understand the intricacies of petroleum accounting. The textbook begins with the basics & continues through the complexities of accounting & reporting. PETROLEUM ACCOUNTING is organized in a straightforward manner & provides concise, to-the-point presentation of material. It features illustrations, examples, copies of oil & gas lease contracts, joint operating agreements, & joint interest accounting procedures. Other major additions & revisions include economics & statistics of the oil & gas industry, standardized measure disclosures, the ceiling test problem for companies using the successful efforts method, spot gas sales, an enlarged chapter on partnership accounting, accounting for reclamation & restoration costs, updated full cost accounting, & analysis of new deferred tax accounting rules. |
| accounting in oil and gas industry: Petroleum Accounting Dennis Jennings, John Brady, Rich Shappard, Craig Friou, 2020-06-30 This new edition covers many significant changes impacting the petroleum industry including important updates such as current industry practice issues from a proprietary survey conducted by the Institute of Petroleum Accounting, and practical guidance on new standards of revenue recognition, joint arrangements, consolidated financial statements, and disclosure of interests in other entities which are of critical importance to those involved or interested in the petroleum industry.New chapters covering midstream operations, master limited partnerships, and SEC considerations have been added. The updated text will also address numerous operational issues that continue to evolve with the demand for capital, inherent industry risks, and the impacts of product price fluctuation. |
| accounting in oil and gas industry: Oil & Gas Accounting Steven M Bragg, 2018-04-28 Oil and gas operations have some of the most unique accounting issues found in any industry. Oil & Gas Accounting delves into acquisition, exploration, development, and production activities, covering many industry-specific accounting issues. Topics covered include the successful efforts method, full cost method, reserve reporting, the unit of production method, severance taxes, take-or-pay arrangements, transfers of mineral interests, and joint interest accounting, as well as industry-specific controls that should be installed. In short, this is the essential oil and gas desk reference for the accountant. |
| accounting in oil and gas industry: Handbook on Oil and Gas Accounting Robert J. Koester, 1982 |
| accounting in oil and gas industry: Petroleum Accounting Practices Stanley P. Porter, 1965 |
| accounting in oil and gas industry: Fundamentals of Oil & Gas Accounting Rebecca A. Gallun, John W. Stevenson, Linda M. Nichols, 1993 Detailed and expanded to accommodate changes in the oil and gas industry, this text is suitable for both industry and academic mediums. The new international chapter is an overview of current international oil and gas accounting and the problems that companies face in accounting for international operations. The new pipeline accounting chapter deals with accounting under the FERC rules as contrasted with GAAP accounting. |
| accounting in oil and gas industry: Survey of Accounting Practices in the European Oil and Gas Industry Teddy Lewis Coe, Kevin Gilbert, Malcolm Heather, 1997 |
| accounting in oil and gas industry: Fundamentals of Oil & Gas Accounting Charlotte J. Wright, 2016-11-07 This edition of Wright's indispensable accounting book for the oil and gas industry includes a discussion of the significance of shale and unconventional production as it relates to accounting principles, new definitions of reserves from the Securities and Exchange Commission, and more. |
| accounting in oil and gas industry: Accounting Practices in the Petroleum Industry Robert H. Irving, Verden R. Draper, 1958 |
| accounting in oil and gas industry: Petroleum Accounting and Financial Management Journal , 2011 |
| accounting in oil and gas industry: A Profile of the Oil and Gas Industry Linda Herkenhoff, 2013-11-30 Oil and gas are important to every aspect of our economy, yet the oil and gas industry is distinguished by its combination of increasing demands and decreasing discovery volumes--and it is an industry shrouded in an environment of extremely volatile pricing. Although the profits enjoyed by the oil and gas industry are enormous, the industry remains one of the most capital-intensive in a world where rising expenses continue to threaten to squeeze profit margins. Geopolitics may continue to be the most important variable in maintaining existing assets and in successfully achieving new discoveries and carrying out their subsequent development. But finding new oil and gas reserves is becoming more challenging and the places where hydrocarbons are being found are more remote. Thus technology advances are also a key variable to enable exploration, drilling and development to become economically feasible in some of these more difficult operating environments. For the last century oil and gas additions have exceeded demand but has this industry now reached a peak oil situation? Some experts argue we are on the cusp of maximum oil production while others suggest we are still about a decade away. Natural gas demand however, is rising at a slightly faster rate than oil. Natural gas may be the immediate replacement fuel for oil as a source of clean and efficient electric power generation. Three out of the top ten Fortune 500 companies were oil/gas companies in 2011. This short introduction to the oil and gas industry will focus on history, operations, major companies, outside market forces, regulation and the current challenges the industry faces. Such factors as finite natural resources, the environment, economics, geopolitics, and technology will all come into play in the narrative. The book will demonstrate how the leaders of this industry, former champions of progress, are now coming under scrutiny and being depicted as the biggest culprits of environmental degradation. Yet the industry is likely to continue to grow until some form of alternate fuels is developed. The oil and gas industry will continue to have an enormous impact on life on the planet. |
| accounting in oil and gas industry: Fundamentals of Oil and Gas Accounting Rebecca A. Gallun, Linda M. Nichols, Charlotte J. Wright, 2001 |
| accounting in oil and gas industry: Performance Management for the Oil, Gas, and Process Industries Robert Bruce Hey, 2017-04-06 Performance Management for the Oil, Gas, and Process Industries: A Systems Approach is a practical guide on the business cycle and techniques to undertake step, episodic, and breakthrough improvement in performance to optimize operating costs. Like many industries, the oil, gas, and process industries are coming under increasing pressure to cut costs due to ongoing construction of larger, more integrated units, as well as the application of increasingly stringent environmental policies. Focusing on the 'value adder' or 'revenue generator' core system and the company direction statement, this book describes a systems approach which assures significant sustainable improvements in the business and operational performance specific to the oil, gas, and process industries. The book will enable the reader to: utilize best practice principles of good governance for long term performance enhancement; identify the most significant performance indicators for overall business improvement; apply strategies to ensure that targets are met in agreed upon time frames. - Describes a systems approach which assures significant sustainable improvements in the business and operational performance specific to the oil, gas, and process industries - Helps readers set appropriate and realistic short-term/ long-term targets with a pre-built facility health checker - Elucidates the relationship between PSM, OHS, and Asset Integrity with an increased emphasis on behavior-based safety - Discusses specific oil and gas industry issues and examples such as refinery and gas plant performance initiatives and hydrocarbon accounting |
| accounting in oil and gas industry: International Petroleum Accounting Charlotte J. Wright, 2019 This book illustrates various aspects of accounting in international petroleum operations. The authors discuss and illustrate international petroleum contracts and related contract accounting issues that arise and contrast U.S. accounting standards with those of other countries which are likely to be applicable to companies operating in international settings. Also included are discussions of petroleum tax regimes encountered around the world-- |
| accounting in oil and gas industry: Fundamentals of Oil & Gas Accounting Rebecca A. Gallun, 2001 |
| accounting in oil and gas industry: Financial Reporting John E. Butterworth, Haim Falk, Society of Management Accountants of Canada. Accounting Principles and Practices Committee, 1986 |
| accounting in oil and gas industry: The Global Oil and Gas Industry Andrew C. Inkpen, 2016 |
| accounting in oil and gas industry: Oil & Gas Accounting Steven M Bragg, 2021-04-21 Oil and gas operations have some of the most unique accounting issues found in any industry. Oil & Gas Accounting delves into acquisition, exploration, development, and production activities, covering many industry-specific accounting issues. Topics covered include the successful efforts method, full cost method, reserve reporting, the unit of production method, severance taxes, take-or-pay arrangements, transfers of mineral interests, and joint interest accounting, as well as industry-specific controls that should be installed. In short, this book is the essential oil and gas desk reference for the accountant. |
| accounting in oil and gas industry: Coopers & Lybrand 1994 Survey of Accounting Practices in the Oil and Gas Industry Coopers & Lybrand, 1994 |
| accounting in oil and gas industry: Accounting for the Petroleum Industry David F. Morland, Raymond Walter McKee, 1925 |
| accounting in oil and gas industry: Oil and Gas Performance Analysis James Tague, 2019 Operating Expenses, Cash Flow, Finding and Development Costs, Return on Capital Employed are but a few of the hundreds of measurements and metrics used to analyze performance in the oil and gas industry. From individual wells to entire portfolios, performance analysis is used to make decisions throughout an organization. Unfortunately, performance analysis is generally conducted in the higher echelons of an oil and gas company, and thus its value in creating actionable information at the field level is generally lost. This book seeks to bridge this gap by introducing the basic concepts of oil and gas performance analysis. Features and Benefits A common sense methodology that will keep any performance analysis focused, on point and capable of providing useful and actionable information An introduction to the myriad of data sources used in performance analysis including lease operating statements (LOS reports), reserve reports and financial statements An introduction to the most relevant performance metrics used in oil and gas performance analysis including production and cost metrics, reserves, cash flow, and other financial metrics How to analyze, interpret, and evaluate the performance of individual fields, portfolios and overall company performance Audience Field level personnel Management Engineers Energy lending and finance professionals Anyone who seeks to understand how, or relies upon, performance analysis |
| accounting in oil and gas industry: Oil & Gas Accounting Horace R. Brock, 1985 |
| accounting in oil and gas industry: Introduction to Oil Company Financial Analysis David Johnston, Daniel Johnston, 2006 Offering a clear explanation of financial statements with a practical approach to the analysis of an oil company, this introduction contains tables, figures, and worksheets, and examples of analysis of virtually every aspect of an oil company are provided in detail. Financial quick-look techniques, rules of thumb, commentary, and a glossary are included. |
| accounting in oil and gas industry: Joint Interest Accounting John Jolly, Jim Buck, 1988-03-01 |
| accounting in oil and gas industry: Audit and Accounting Guide AICPA, 2018-10-30 First update in 4 years! As fluctuating oil prices, off-shore drilling, and other energy-related issues impact the way your clients conduct business, it i essential to have a keen understanding of the domestic and international topics and trends facing the oil and gas industry today. This 2018 edition includes over 200 pages of invaluable guidance to help accountants improve their industry knowledge, fine-tune their strategies, and provide high-quality services to their clients. This publication provides important technical guidance, summarizes new standards and practices, and delivers how-to advice for handling audit and accounting issues that will be critical to your success. Key Features of this title are: An updated illustrative representation letter that contains industry-specific representations. Discussion and interpretive guidance associated with FASB ASC 606, Revenue from Contracts with Customers |
| accounting in oil and gas industry: The Greenhouse Gas Protocol , 2004 The GHG Protocol Corporate Accounting and Reporting Standard helps companies and other organizations to identify, calculate, and report GHG emissions. It is designed to set the standard for accurate, complete, consistent, relevant and transparent accounting and reporting of GHG emissions. |
| accounting in oil and gas industry: Oil and Gas Industry Internal Revenue Service, 2011-09-01 Petroleum companies obtain the rights to explore, drill, and produce subsurface minerals by entering into an oil and gas agreement or lease with the landowner. An oil and gas lease embodies the legal rights, privileges and duties pertaining to the lessor and lessee. The lessor is the mineral interest owner who transfers the working interest to the lessee who retains a royalty interest. The mineral lease is a very important legal document to the petroleum industry and provides the framework for all the activities that follow. It can be a useful auditing tool, because it provides a description of the property, identifies the royalty owner, and can give details of such items as delay rentals, lease bonus, unitizations, and primary terms. When a joint interest situation is created, the parties involved (i.e., the operator and nonoperators) generally execute an operating agreement. The normal form used for the operating agreement is AAPL Form 601. The joint operating agreement delineates the responsibilities and duties of the operator and nonoperators. It may cover only drilling operations, or it may cover both, exploration and production. Prior to the sale of oil or gas covered by a particular lease, a division order is prepared and signed by all interest owners. The division order is a necessary instrument in order for the operator to orderly and legally collect the oil and gas revenues and to pay the correct owners of the minerals. For accounting purposes, the information on the division order is usually condensed into a more usable format that can be put into the lease file for easy reference. Such a division of interest will be prepared for each property and shows each owner's name, identification number, and fractional interest. |
| accounting in oil and gas industry: Accountants' Handbook, Special Industries and Special Topics D. R. Carmichael, Paul H. Rosenfield, 2003-05-13 The premier accounting reference, revised and expanded The Accountants' Handbook series has the longest tradition of any reference of providing comprehensive coverage of the field to both accounting professionals and professionals in other fields who need or desire quick, understandable, and thorough exposure to complex accounting-related subjects. Like its predecessors, the Tenth Edition is designed as a single reference source that provides answers to all reasonable questions on accounting and financial reporting asked by accountants, auditors, bankers, lawyers, financial analysts, and other preparers and users of accounting information. Written by nationally recognized accounting professionals, including partners in major public accounting firms, financial executives, financial analysts, and other relevant business professionals, the Handbook covers both financial accounting and reporting and industry specific accounting issues in separate volumes for easy reference. Its comprehensive content provides analysis on over 43 critical areas of accounting. |
| accounting in oil and gas industry: Oil and Gas Production Handbook: An Introduction to Oil and Gas Production Havard Devold, 2013 |
| accounting in oil and gas industry: The Political Economy of Oil and Gas in Africa Soala Ariweriokuma, 2008-10-22 This book provides a thoroughly researched guide to the Nigerian Oil and Gas Industry, providing students, potential investors, academics and policy makers the opportunity to get acquainted with various dimensions of the oil and gas industry. |
| accounting in oil and gas industry: Fiscal Regimes for Extractive Industries—Design and Implementation International Monetary Fund. Fiscal Affairs Dept., 2012-08-16 Better designed and implemented fiscal regimes for oil, gas, and mining can make a substantial contribution to the revenue needs of many developing countries while ensuring an attractive return for investors, according to a new policy paper from the International Monetary Fund. Revenues from extractive industries (EIs) have major macroeconomic implications. The EIs account for over half of government revenues in many petroleum-rich countries, and for over 20 percent in mining countries. About one-third of IMF member countries find (or could find) resource revenues “macro-critical” – especially with large numbers of recent new discoveries and planned oil, gas, and mining developments. IMF policy advice and technical assistance in the field has massively expanded in recent years – driven by demand from member countries and supported by increased donor finance. The paper sets out the analytical framework underpinning, and key elements of, the country-specific advice given. Also available in Arabic: ????? ??????? ?????? ???????? ???????????: ??????? ???????? Also available in French: Régimes fiscaux des industries extractives: conception et application Also available in Spanish: Regímenes fiscales de las industrias extractivas: Diseño y aplicación |
| accounting in oil and gas industry: Valuing Oil and Gas Companies Nick Antill, Robert Arnott, 2000-07-03 Market value is set by investor behaviour ....but objective methods of valuation are vital for accurate predictions of market behaviour. What are the key issues facing the industry - and the main points the analyst needs to look for when interpreting oil industry accounts? Do the best prospects necessarily lie with the larger and better-financed companies? How best can an investment strategy be managed in the refining industry, with its conflicting pressures of environmental controls and inadequate returns? This unique and authoritative book has the answers to these and many other questions, offering a series of benchmarks and performance indicators with which to evaluate oil company shares. An updated edition of a respected and established title, it remains the only comprehensive handbook of its kind available, and will be eagerly welcomed by corporate planners as well as investors and analysts. An essential and practical guide for investors, analysers and corporate planners The only book which shows how to actually value oil and gas companies International in outlook |
| accounting in oil and gas industry: Entities with Oil and Gas Producing Activities , 2014 |
| accounting in oil and gas industry: Extractive Activities International Accounting Standards Board, 2010 |
| accounting in oil and gas industry: Iraq's Oil and Gas Industry Janan Al-Asady, 2021-12-13 Oil, an integral part of the contemporary global economy, is considered a driving force behind the 2003 invasion of Iraq. Hydrocarbon reserves in Iraq have a significant role to play in global supply, with oil revenue accounting for more than 90% of Iraqi government income. This book provides a comprehensive insight into the key foundations of Iraq's oil industry and assists in the development of a core area of domestic law to promote economic recovery following years of instability. It addresses the development of oil legislation and the formation of contracts since the US and allied occupation of Iraq in 2003. Legislation is assessed against the framework of the constitution along with the different types of oil agreements and their terms. The book looks at three main aspects of oil legislation, beginning with the validity and interpretation of the constitution as any subsequent legislation governing oil policy will be based upon this. The work then discusses whether the draft oil and gas law of 2007 and any subsequent oil legislation, including the law implemented by the Kurdish Regional Government in 2007, is valid. Finally, the book analyses the legitimacy of oil agreements entered into by the central and regional governments and whether these contain terms beneficial to the state and contracting party. Providing an in-depth analysis of the origins and development of the legal framework of the oil industry in Iraq, the book acts as both a reference source and a springboard for future research across a range of legal, economic and policy perspectives. It will appeal to practitioners and academics working in energy law and international investment law, as well as policy-makers, legal advisors and those working in governments and energy companies. |
| accounting in oil and gas industry: Statement of Cash Flows: Preparation, Presentation, and Use Tom Klammer, 2018-04-24 Disposed to numerous challenges and shortcomings, a cash flow statement is one of the most important financial statements for business. This book introduces the accountant to, and helps to boil down, the intricacies of the overall cash flow statement and its three major sections. Readers will review options for statement of cash flows preparation and presentation and methods to improve cash flow analysis. They will also explore the requirements of the statement of cash flows guidance and related standards, and learn how to make appropriate classifications of transactions and events. This book includes new changes resulting from FASB ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), and FASB ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force). This book will help accounants to: Recall the fundamental cash flow reporting requirements. Recall how to prepare a statement of cash flows using both the direct and indirect method of presenting operating information. Identify when investing and financing cash flows can be reported net. Identify cash flow transactions as operating, investing, or financing. Indicate how to present and disclose significant transactions that have no direct cash flow effect. Recall how to report selected operating items such as interest, taxes, and receivables. |
| accounting in oil and gas industry: Market Performance and Competition in the Petroleum Industry United States. Congress. Senate. Committee on Interior and Insular Affairs, 1974 |
| accounting in oil and gas industry: Project Finance for the International Petroleum Industry Robert Clews, 2016-04-07 This overview of project finance for the oil and gas industry covers financial markets, sources and providers of finance, financial structures, and capital raising processes. About US$300 billion of project finance debt is raised annually across several capital intensive sectors—including oil and gas, energy, infrastructure, and mining—and the oil and gas industry represents around 30% of the global project finance market. With over 25 year's project finance experience in international banking and industry, author Robert Clews explores project finance techniques and their effectiveness in the petroleum industry. He highlights the petroleum industry players, risks, economics, and commercial/legal arrangements. With petroleum industry projects representing amongst the largest industrial activities in the world, this book ties together concepts and tools through real examples and aims to ensure that project finance will continue to play a central role in bringing together investors and lenders to finance these ventures. - Combines the theory and practice of raising long-term funding for capital intensive projects with insights about the appeal of project finance to the international oil and gas industry - Includes case studies and examples covering projects in the Arctic, East Africa, Latin America, North America, and Australia - Emphasizes the full downstream value chain of the industry instead of limiting itself to upstream and pipeline project financing - Highlights petroleum industry players, risks, economics, and commercial and legal arrangements |
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Bookkeeping: Build a strong financial foundation for your Ashburn enterprise with precise, reliable bookkeeping. Our service saves you time and provides clear insights to guide your business …
Ashburn Accounting
Ashburn Accounting provides full charge bookkeeping services.
