Blog | Oil and Gas Accounting

Upstream Oil & Gas Accountants: Important 1099 Changes for the 2020 Tax Year

Upstream Oil & Gas Accountants: Important 1099 Changes for the 2020 Tax Year
12/17/2020
At P2, we provide industry-leading accounting solutions tailor-made for upstream oil and gas professionals who want applications that provide accuracy, efficiency, and cost savings. Our software delivers on these promises, plus exists as a mature and robust solution that meets the requirements of all types of operations and...

Data Synergy and the Importance of Understanding an Oil & Gas Specific Maturity Model

Data Synergy and the Importance of Understanding an Oil & Gas Specific Maturity Model
12/14/2020
If you are trying to maintain your leases at the same time as curtailing production, you need certain information available across domains. We explored this first in our blog: Maintain Leases, Manage Shut Ins, and Maximize Efficiencies in a Downturn . Information like a shut-in date is of...

Maintain Leases, Manage Shut Ins, and Maximize Efficiencies in a Downturn

Maintain Leases, Manage Shut Ins, and Maximize Efficiencies in a Downturn
11/02/2020
NAPE recently dedicated a roundtable to the topic of maintaining leases while curtailing production, and we noted a few important takeaways that directly relate to our customers’ utilization of software to assist in this process. Curtailment decisions require cross-department collaboration and access to data within the different upstream...

A Thorny Accounting Process Simplified: Managing Cost Center Allocations & JIB

A Thorny Accounting Process Simplified: Managing Cost Center Allocations & JIB
09/29/2020
Figuring out how to efficiently and accurately manage JIB – joint interest billing – continues to be a challenge for many oil and gas operators. Many operators process transactions manually with spreadsheets, while others use software solutions to identify, aggregate, and manage cost center allocations. Ownership for billing...

How to Efficiently Manage Your Revenue Accounting in Times of Low Oil Prices

How to Efficiently Manage Your Revenue Accounting in Times of Low Oil Prices
08/19/2020
Formerly: Best Practices in Revenue Management Over the past eight months, the oil and gas industry has been impacted by low oil prices and low demand. This directly impacts the profitability of oil and gas producers and changes how they manage their operations. Many companies have had reductions...

P2 BOLO Continues as Leader in Upstream Oil & Gas Accounting

P2 BOLO Continues as Leader in Upstream Oil & Gas Accounting
07/27/2020
P2 BOLO is the upstream oil and gas industry’s leading accounting software designed to achieve greater value for complex accounting operations. It was built by oil and gas accountants for oil and gas accountants. Features, benefits, and integrations abound, but a key differentiator for P2 BOLO is that...

Navigating the Complexity of Ownership Changes

Navigating the Complexity of Ownership Changes
06/23/2020
When you think of ownership changes in upstream oil and gas, a lot comes to mind and that’s because ownership changes is a broad topic. It spans both land and accounting, there are a myriad of types and challenges associated, and addressing them takes time, effort, and manpower,...

Low Oil Prices and COVID-19 Accelerate Digital Transformation in Upstream Oil and Gas

Low Oil Prices and COVID-19 Accelerate Digital Transformation in Upstream Oil and Gas
05/12/2020
As OPEC was increasing supply and driving down oil prices, the coronavirus was simultaneously setting in and reducing demand. The two have had earth-shattering impacts on upstream oil and gas, including the challenges of working from home and social distancing in the field, and more starkly, cutting drilling...

Optimizing the Financial Close Process Through Smart Reporting

Optimizing the Financial Close Process Through Smart Reporting
02/24/2020
There are many ways to manage the financial close process; it’s certainly not a one-size-fits-all approach. What is uniform in most cases, however, is that a sophisticated reporting tool can significantly improve the process to verify data and make it easier. A Common Accounting Scenario Because oil and...

Learn How to Save 30+ Hours/Month During the Revenue Process

Learn How to Save 30+ Hours/Month During the Revenue Process
12/17/2019
Disparate data is disgruntled data. It’s only valuable to one person at a time, at one specific point in time. Siloed data stored in spreadsheets on someone’s computer is risky because you don't know how old it is, and it may conflict with your up-to-date production data set...