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Through the Lens of a Production Accountant (Part III)

Through the Lens of a Production Accountant
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

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

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)

Three Key Components to Run & Maintain Allocations
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,...

Maps: Living, Breathing Entities in Land Management

Maps: Living, Breathing Entities in Land Management
08/24/2020
All land departments have issues surrounding maps – from the most sophisticated GIS structures to the groups that outsource all of their mapping processes. Many considerations must be made if engineering, geology/geophysics, and land are all to be on the same page. Consistency and communication are vital among...

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...

Allocations Contribute to Production Data as Crux of Upstream Oil & Gas (Part I)

Allocations Contribute to Production Data as Crux of Upstream Oil & Gas
08/03/2020
Accurate, timely, and thorough production data is the lifeblood of all oil and gas organizations with nearly every discipline and department relying on it to make decisions. Ensuring hydrocarbon allocations are accurate is an important, sometimes elaborate, responsibility that feeds this production data set. There are multiple consumers...

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...

Lease Maintenance: Increasingly Important in Land Management

Lease Maintenance: Increasingly Important in Land Management
07/16/2020
Maintenance is a fact of life. Just think about all the things you own or possess that need continual maintenance or upkeep. Cars need oil changes. Air conditioners and furnaces need new filters. Appliances need cleaning and inspection. Computers need protection from malware. The list goes on and...

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,...