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Home » Accounting for Oil and Gas Productions, Chart of Accounts, ChartOfAccount » Chart Of Accounts For Petroleum
Exploration Company
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producing companies is unusual because they may include the accounts
Types Of Leases
needed for either successful efforts method or the full cost method adopted. Arrangements (Wit...

In most cases, agreements called

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In this post, however, for a comprehensive illustration, the "leases" govern the relationships
charts of accounts include additional accounts needed for full between the landlord and tenants.
cost accounting. An account unique to either accounting Therefore, a lease can be defined as
an agreement between the landlord
method is noted by an S or F in the left margin. It must be
and tenant for the rental of the
kept in mind that these charts of accounts are merely
landlord’s premises to the tenant for
indicative of the type of accounts that might be maintained by specified
an oil and gas company. Some of the accounts contained in the
Free Cash Flow To
chart I am going to post here are peculiar to oil and gas Common Equity [...
operations. Enjoy!
Disclosure of free cash flow is not a
GAAP requirement. In addition, free
cash flow is not defined by GAAP and
is referred to officially as a “non-GAAP
Before going to the chart of accounts details, lets first overview how organization measure”. Firms that disclose it must
reconcile the measure to the closest
of petroleum exploration companies and its accounting function are
structured. Or you may want to jump right on the chart of accounts [go here]. Read Deciding on Disclosure
on.. in the Inc...
After a business decides on the format
for reporting its income statement

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(multi-step or single-step), the next
Organization Of A Petroleum Exploration and main decision concerns how much
Producing Company information to disclose about its
expenses. Public companies are
subject to financial disclosure rules
The organizational structure of a petroleum exploration and production
issued by its national
company is important to the accountant in many ways. The structure
determines how authority is delegated and responsibility is assigned,
permitting accountability to be established. Accounting procedures and the Learn Something More
flow of paperwork within the company are directly related to the company’s
organization. The company’s accountants should be familiar with the Works Wealth Wisely
responsibilities and organization of all departments within the company. This
knowledge may be secured by experience and inquiry, augmented by the My Boss Only Wants To Hear
study of organization charts and company operating manuals. “YESes” (What Should I Do?)
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The exact organization of companies in the petroleum industry varies widely,
depending on size and diversity of activities. Oil and gas producers may be classified
Accounting Facebook Fans
as independents or integrated companies. Usually independents are viewed by the
public as being small companies with few employees, and integrated companies are Accounting Financial Tax
thought of as being giant companies with thousands of employees. on Facebook
However, there are several large oil companies that have no refining or marketing Accounting Email Ezine
operations, and some integrated companies are small. Obviously, size and degree of
integration have much to do with a company’s organization. The geographical Enter your email address:
dispersion of activities likewise is important. It is only natural that an E&P company
operating in one geographical area will have closer managerial control from its top
officials. As the company expands its operations geographically, top management
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must look to its regional and district management groups for direct control over
operations and leave the home office staff to overall supervisory activities. Similarly, Delivered by
the integrated company requires a greater degree of delegation of authority and FeedBurner
responsibility from top management to those directly involved in the diverse
operations.
Accounting Community
Small and medium-sized oil and gas companies have a great deal in
common, especially at the executive level. There are four distinct activities このサイトに参加する
common to almost all producers, and the independent companies usually build their Google Friend Connect を使用
organizations around these functions. メンバー (477) もっと見る »
The functions are exploration, production, marketing, and administration; the
organization chart in figure below reflects this basic structure. Appreciate that in
recent years, some companies have reorganized to create small teams of geologists,
petroleum engineers, accountants, and other specialists working together to manage
assigned fields or geographic areas of operations.
At this point a general description of the work done in each area will help in
understanding the organization chart. Typically the president of a small oil and gas
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company is a petroleum engineer, geologist, or geophysicist who not only serves as Select
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AP CEO but may also engage in closely directing exploration, development, or production
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activities. The small company CEO may negotiate joint venture agreements, major
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property acquisitions and divestitures, and financing arrangements.
Asset
Accounting Financial Taxes
Auditing The exploration department has the job of locating and acquiring oil and gas

Auditing and Accounting reserves. This responsibility includes the acquisition of mineral properties and
Accounting For Project
Professional Services geological and geophysical exploration (either through the use of company-owned
Development Costs
Standard equipment and personnel or through contracts with exploration support companies).
Compilation and Review Of
New Uniform CPA Examination
Many E&P companies, even very small ones, have one or more geologists on staff,
Financial Statement Learning Accounting: Where To
even though most companies hire outside professionals or organizations to conduct
Standard Start?
geological and geophysical (G&G) studies.
Basic Accounting
Financial Reporting and
The drilling and production department (or petroleum engineering department) is
Benefit Plans Disclosures For Banks [IFRS]
responsible for exploratory drilling, development drilling, enhanced recovery
Billing Involving Internal Auditor In An
operations, and field production.
Capitalization Independent Audit [SAS 55]

Cash The marketing department arranges the sales of the produced oil and gas. U.S. crude Implications of Balance Sheet
oil is usually sold near the well site, but now natural gas is frequently sold far from Utilization
Bank/Checking Account
the lease to large gas consumers and to gas utilities. Under this arrangement gas Revenue Recognitions For
Petty Cash
pipelines provide transportation services rather than buy the gas from producers. Development Project
Chart of Accounts
An administrative department may oversee various administrative functions, such as Accrual Basis Accounting
COGS-HPP
Fundamental
human resources, finance, accounting, tax compliance, management information
Controlling
systems, public relations, and legal services. Accounting For Income Taxes In
Cost Accounting Interim Periods (IFRS-GAAP)
Credit The vice president of administration may be the vice president of finance and chief
Income Statement’s Items
Current Asset financial officer (CFO). Some companies break these functions into separate Require Special Disclosure
departments, such as a finance department headed by the CFO and containing sub-
Data Entry Cost Cutting (Saving) Strategy
departments for treasury, accounting, and tax functions.
Debt and Loan For Small Business

Depreciation With this brief description of the four basic functions in the independent oil and gas How Asset Links with Revenue
producing company, let us now look at some of the details of the typical and Expenses
Dividends
organizational structure designed to carry out these functions. Journal Entry: Costs (Expenses)
Earning
For Operating Property
Equity
(Leasing)
Expenses
Types Of Leases Arrangements
FASB (With Examples)
Financial Report
Organization Of The Accounting Function
Revenue And Expenditures
Financial Statement The organization of the accounting function in an independent oil and gas company is Cycles
Financial Statement shown below. The major duties of each section of the organization are summarized Profit Behavior and Profit
Analysis below: Framework Report
Coverage Ratios 3 Margin-Derived Operating
Efficiency Ratios Performance Measurements

Leverage Ratios Organization of the Accounting Function in an Independent Company Interim Financial Statements
Liquidity Ratios
Reporting Under IFRS (IAS 34)

Profitability Ratios Break-Even Point Calculation

and Analysis For Business
Return On Investment
People
Fixed Asset
What is Adjustable-Rate
Foreign Currency Mortgage (ARM)?
General Ledger
Cost Cutting During Crisis (More
Goodwill Focus and Intelligent Approach)
Insurance Examining Financial Statements
Intangible Asset (The Investor’s Way)

Interest Fair Value Inputs Hierarchy

(Fair Value Measurements)
Inventory

Inventory Measurement How to Establish Cash-

FIELD CLERICAL AND SERVICES
Generating Behavior in Business

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Investment
Trains and supervises clerical personnel assigned to field operations. Auditing: Compliance
invoice
Develops systems, forms, and procedures for field accounting and reporting. Attestation Standard
Journal Entry
EQUIPMENT AND SUPPLIES INVENTORY: Process Costing System for
Lease Manufacturing Company
Liability Maintains equipment and supply inventory records.
Prices and records warehouse receipts, issues, and field transfers.
Financing: Bank Loans Vs
Long Term Liabilities
Oversees physical inventory taking. Accounts Receivable Factoring
Management Accounting Prepares reports on equipment and supplies inventory. Going Concern Report by
Miscellaneous External Auditor

Mortgage Test Your Cash Flow IQ

ACCOUNTS PAYABLE
Overhead What Is Cost of Credit and How
Partnerships Accounting Maintains accounts payable records. Is It Computed
Prepares vouchers for disbursements.
Payment Currency Risk Management for
Distributes royalty payments.
Foreign Operation Company
Payroll Expense Maintains corporate delegated limits of authority and verifies that
Pengendalian disbursements are made within those limits. How to Make Budgets
[Complete Steps with
Pension Accounting
Examples]
Principles and Concepts
PROPERTY ACCOUNTING Basic Elements of A Business
Profit Valuation Report
Maintains subsidiary records for (a) Unproved properties, (b)Proved properties,
Provisions Accounting Treatment for
(c) Work in progress, (d) Lease and well equipment, (e) Field service units.
Purchase Order Accounts for property and equipment acquisition, reclassification, amortization, Research and Development
impairment, retirement, and sale. Costs
Retained Earning
Compares actual expenditures of work in progress to authorized amounts. How To Allocate Overhead
Revenue
Costs Into Inventory
Sales Order
Shareholder’s Equity Disclosures
Sarbanes-Oxley [SOX]
JOINT INTEREST ACCOUNTING and Footnotes Examples
Transfer Pricing
Maintains files related to all joint operations. How Board of Directors May
Accounting Tech-Update Prevent Deceptive Accounting
Prepares billings to joint owners.
Software Review Reviews all billings from joint owners.
Accounting For Accrued
Prepares statements for jointly operated properties.
Tech-Tips Expenses
Prepares payout status reports pursuant to farm-in and farm-out agreements.
Accounting Term and Arranges or conducts joint interest audits of billings and revenue distributions How to Compute Operating and
Definition from joint venture operations. Financial Leverage
Business Valuation Responds, for the company as operator, to joint interest audits by other joint
Accounts Receivable
interest owners.
Career Center Management and Decision
Making
Accounting Writting Skill

Career Tips Revenue And Costs Control and

REVENUE ACCOUNTING
Evaluation
Job Vacants
Accounts for volumes sold and establishes or checks prices reflected in Identifying Relevant and
Cash Best Practices revenues received. Irrelevant Costs
CPA Exam Maintains oil and gas revenue records for each property.
Maintains records related to properties for purposes of regulatory compliance Financing Growth [Working
Essay Capital Adjustment]
and production taxes.
Multiple Choice Computes production taxes. Audit Committee and Its Key
Maintains “Division of Interest” master files, with guidance from the land
Dictionary Roles [An Overview]
department, as to how revenue is allocated among the company, royalty
E-Book Accounting For Acquisition
owners, and others.
Excel Tips and Tricks Computes amounts due to royalty owners and joint interest owners and
Advantages and Disadvantages
prepares reports to those parties.
financial for Outsourcing the Accounting
Invoices purchasers for sales of natural gas.
Functions
Asset Securitization Maintains ledgers of undistributed royalty payments for owners with unsigned
Bankruptcy division orders, owners whose interests are suspended because of estate Tax Strategy and Its Objectives
issues, and other undistributed production payments.
Budgeting Understanding Liabilities
Prepares revenue accruals.
Subject To Compromise
Budgeting Best Practice

Capital Budgeting Depreciation Methods [IAS 16]

Ending Finished Goods GENERAL ACCOUNTING Comprehensive Cash Transfer

Inventory Controls
Keeps the general ledger.

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Finished Goods Inventory Maintains voucher register and cash receipts and disbursements records.
Master Budget Prepares financial statements.
Prepares special statements and reports.
Production Budget
Assembles and compiles budgets and budget reports.
Raw Material Inventory

Sales Budget

Work In Process Inventory TAXES AND REGULATORY COMPLIANCE

Cash Forecast
Prepares required federal, state, county, and local tax returns for income
Cost Management taxes, production taxes, property taxes, and employment taxes.
May prepare other regulatory reports.
Encyclopedia
Addresses allowable options for minimizing taxes.
Factoring

Financial Analysis

Financial Forecasting Next, is chart of ccounts for petroleum exploration and production
Foreign Exchange companies. Use the page navigation below.

Internal Control
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Merger and Acquisition

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IFRS-Complete Guide

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Performance Measurements
Ratios Comments
Personal Finance 1 comment

Recordkeeping
RAASHID SHAIKH
Tax Accounting
November 5, 2010
Tax Principles and Concepts

Tax Strategies
very useful. Thanks. would be thankful if you provide chart of account for
Taxation manaufacturing unit also.
Corporate Income Tax

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