Fundamentals of Oil & Gas Accounting
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. This revision discusses tax accounting using the most up-to-date tax law changes, and also includes numerous flow charts, diagrams and actual examples. It deals primarily with accounting practices and procedures, and only briefly with topics such as the formation of oil and gas, drilling and production methods. The major emphasis of the book pertains to costs incurred in the exploration and production of oil and natural gas. Accounting for the incurrence and disposition of these costs is presented for the two major accounting methods - successful efforts and full cost. Also, innovative chapters concerning conveyances, joint interest accounting and required disclosures for oil and gas producing activities are presented.