It is no secret the COVID-19 pandemic brought market uncertainty to the global upstream oil and gas industry. The significant decline in demand and continued pricing volatility for oil and gas has created operational and financial challenges for upstream companies both big and small. In these trying times,...
Blog
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
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...
6 Important Reasons to Move from Manual to Electronic Logbooks
12/02/2020
Technology continues to change our lives in subtle but remarkable ways. A few years ago, it would have been hard to imagine the Star Trek-like devices we carry in our pockets and wear on our wrists, or the data and collaboration tools we rely on to have information...
Shift to Effortless Handovers, Improved Operations & Safety
11/18/2020
Author Ernest Hemingway had a fair point when he famously said: “I have learned a great deal from listening carefully.” In listening to P2’s customers in oil and gas, mining and resource operations over the last 20 years, one common issue rises to the top of their concerns...
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...
Through the Lens of a Production Accountant (Part III)
10/19/2020
This post wraps up our series around the importance of hydrocarbon allocations in upstream oil and gas. A typical month in the life of a production accountant (PA) – also commonly referred to as a production analyst – involves activities plus analysis of data that span multiple time...
Using Well Data as Key Indicator of Lease Position
10/06/2020
Land departments from coast to coast need to understand their lease position using current well data from both operated and non-operated wells. This can be a differentiator and competitive advantage in land management . Comprehensive and timely well data – whether your own or that of other wells...
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...
Three Key Components to Run & Maintain Allocations (Part II)
09/03/2020
We established what constitutes a hydrocarbon allocation calculation , some of the factors that go into creating an allocation scenario, and how scenarios will vary depending on complexity. When it comes to evaluating and selecting a system to run and maintain allocations, there are three key must-haves: flexibility,...
