Energy Search Associates’ Post

🔍 Dive into the intricacies of cost basis in oil and gas accounting. Understand how it impacts your financials and make informed decisions. Learn more: https://lnkd.in/eRvtKiWn #OilAndGas #AccountingTips #FinancialInsights #CostBasis #BusinessFinance #EnergySector

What is the Cost Basis in Oil and Gas Accounting? Cost basis refers to the original value of an asset for tax purposes, which is crucial for determining the capital gain or loss upon the sale of that asset. In the oil and gas industry, the cost basis includes various expenses incurred during the acquisition, exploration, and development phases of a project. These phases encompass a range of activities and costs that collectively establish the financial groundwork for the project’s life cycle. https://lnkd.in/gJAq8jAS #exploartion #costbasis #gasandoil #gas #oil #accounting #oilandgas #drillingcost #taxobligation #jcg

Gas plant owners, stop losing time on re-reporting and, even worse, facing lose capital to penalties - invest in a Production Accountant now! 🚩🚩🚩 Read more below to learn how they can help you and where to get started. 👇 #OilAndGas #Accounting #Petroleum #OilAndGasIndustry #Energy #Accountant #Land

 Recent market activity in the sector shows that the consolidation trend in oil and gas is expected to continue well into 2024. An experienced managed services provider (MSP) can help oil and gas companies strategically align their legacy systems with modern technologies, improving efficiency, data-driven decision-making, regulatory compliance and overall operational performance.

Sure, I save costs on today’s oil & gas projects, but I prevent costly rework, too. I often talk about Proshare Services’s procedures. But, some are standard to me, so I overlook them. Recently, a prospect from a large oil and gas company opened my eyes. He asked me how we handle the native file turnover. My answer was simple. “You give me a company computer. I organize the work in folders, or in a format you prefer. All information is handed over to you. (whether or not we continue to work together.)” His reaction? Excitement…AND relief. This is a no-brainer for me. But, his question reminded me of my experience. I LOVED working with contractors who made handing over the native files easy. Retrofit projects were easier. Changing drawings or handling MOC is a breeze. It saves time, money, and keeps projects on track. But, not everyone hands the information over. Sometimes new engineers with no field experience don’t even think to ask for it. Some contractors withhold it to charge more later. That was my prospect’s biggest concern. He wants to pay for all the work ONCE. No wonder he was relieved by my answer. At Proshare Services, this is how we do it. I set up systems from day 1 to get it right the 1st time. NO surprise costs down the line. Just a project that’s usable for the long-haul. Have you ever had to pay twice because the job wasn't done right the first time?

As major public companies acquire private oil producers, natural gas players like Aethon Energy and Ascent Resources lead the rankings. Seven of the top ten producers focus primarily on natural gas, reflecting a significant shift in the industry. Notable companies include Continental Resources, Hilcorp Energy, and TG Natural Resources, showcasing the sector's growth and consolidation trends. Follow me by clicking the "FOLLOW" button on my LinkedIn Profile to keep updated with industry news and new job openings. "SHARE" this post to help expand my reach and my ability to help bring value to your network. Hiring Managers and Executives - We can help identify candidates in Engineering, Geoscience, Land, EHS, Accounting/Finance, and other positions. Please reach out and we can set up a time to talk. https://shorturl.at/WwLly

Dear professional lawyers, aspiring corporate lawyers in energy, oil, and gas, The typical variety of legal documents you need to know how to draft includes: 1. Contracts: Outlines terms and conditions for a specific project or service. 2. Leases: Grants rights to use land or resources for a set period. 3. Licenses: Authorizes companies to engage in specific activities (e.g., drilling). 4. Joint Venture Agreements: Defines terms for partnerships between companies. 5. Share Purchase Agreements: Outlines terms for buying or selling company shares. 6. Asset Purchase Agreements: Specifies terms for buying or selling assets (e.g., equipment). 7. Farm-in/Farm-out Agreements: Allows companies to transfer interests in a project. 8. Operating Agreements: Defines roles and responsibilities for project operations. 9. Gas Sales Agreements: Specifies terms for buying and selling natural gas. 10. Transportation Agreements: Outlines terms for transporting oil or gas. 11. Storage Agreements: Specifies terms for storing oil or gas. 12. Processing Agreements: Defines terms for processing oil or gas. 13. Dispute Resolution Agreements: Establishes procedures for resolving disputes. 14. Environmental Compliance Agreements: Ensures companies meet environmental regulations. 15. Regulatory Filings: Submissions to regulatory bodies (e.g., permits, reports). These documents may relate to: - Upstream activities (exploration, production) - Midstream activities (transportation, storage) - Downstream activities (refining, marketing) - Renewable energy projects (e.g., solar, wind) Please note that, this is not an exhaustive list, and the specific documents drafted may vary depending on the jurisdiction, project, or client needs.                      Any question? Whatsapp: +2347057269862

Is there a place for you in electric utilities if you are not an electrical engineer? Yes, there are numerous roles within electric utilities that don't necessarily require an electrical engineering background. Electric utilities are complex organizations that encompass various functions, including engineering, operations, management, customer service, regulatory compliance, finance, human resources, marketing, and more. Here are some examples of roles within electric utilities that may not require an electrical engineering degree: Customer Service Representative: Customer service representatives handle inquiries, complaints, and requests from utility customers regarding billing, service outages, account management, and other issues. This role typically requires strong communication and problem-solving skills rather than technical expertise. Regulatory Compliance Specialist: Regulatory compliance specialists ensure that the utility complies with all relevant laws, regulations, and industry standards. This role involves research, documentation, and communication with regulatory agencies, stakeholders, and internal departments. Energy Efficiency Specialist: Energy efficiency specialists develop and implement programs to help customers and the utility itself save energy and reduce costs. This role may involve analyzing energy usage data, conducting audits, and recommending energy-saving measures. Project Manager: Project managers oversee the planning, execution, and completion of various projects within the utility, such as infrastructure upgrades, system expansions, or technology implementations. While technical knowledge may be beneficial, project management skills are paramount. Finance and Accounting: Finance and accounting professionals handle budgeting, financial reporting, billing, and other financial activities within the utility. While not directly related to engineering, these roles are crucial for the financial health and sustainability of the organization. Human Resources: HR professionals manage recruitment, training, employee relations, and other human resource functions within the utility. They play a vital role in ensuring that the organization has the right talent and resources to achieve its goals. These are just a few examples, and there are many other roles within electric utilities that may be suitable for individuals without an electrical engineering background. However, having a basic understanding of electrical systems and the energy industry can be beneficial for many of these positions. Additionally, relevant experience, skills, and professional development opportunities can also help individuals succeed in the electric utility sector.

My post today for Steve Reese and Reese Energy Consulting. Case Closed Over the last 30 years Steve Reese has seen the inside of a whole lotta courtrooms—and that’s proved to be a very, very good thing for REC clients. As an oil and gas expert witness, Steve—along with key staff members of Reese Energy Consulting—is regularly called upon by corporate legal teams and outside counsel to provide litigation services and expert testimony on behalf of producers, midstreamers, marketers, end users, and accounting firms. And we’re currently seeing an uptick of activity in this space, now assisting in five legal cases amid increasing inquiries.   With more than 250 years of combined oil and gas and midstream experience, REC provides the subject-matter experts, consulting, due diligence, analysis, and courtroom testimony to help inform decision makers for optimal results. Here's a look at some of our expert subject-matter disciplines: Ø Oil and gas contracts and marketing Ø Gathering and processing operations and commercial contracts Ø Gas measurement and sampling Ø Product scheduling and balancing Ø Oil and gas revenue, deductions, and fees How can we help you? Learn more about REC and our legal consulting services at www.ReeseEnergyConsulting and our online natural gas training courses at www.ReeseEnergyGoesRogue.