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

12/17/2020
Upstream Oil & Gas Accountants: Important 1099 Changes for the 2020 Tax Year

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 regions in the U.S. It is battle-tested and proven to cover edge solutions through deep, embedded functionality that newer platforms do not possess. No other upstream oil and gas accounting software compares in terms of product breadth and depth.

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

12/14/2020
Data Synergy and the Importance of Understanding an Oil & Gas Specific Maturity Model

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.

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Protect Assets & Safeguard Leases While Slowing Production

12/09/2020

Production curtailment decisions require cross-department collaboration and access to data within different upstream domains. How well do your internal teams work together to make decisions about important assets? Could the synergy and communication be better?

From lease clauses to revenue interests to historic production and scheduled maintenance in the field, every upstream department offers valuable insight in determining where to curtail or shut in production.

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

11/02/2020
Maintain Leases, Manage Shut Ins, and Maximize Efficiencies in a Downturn

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 domains. From lease clauses to revenue interests to historic production and scheduled maintenance in the field, each department offers valuable insight that a decision-making team relies on in determining where to curtail or shut in production.

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

09/29/2020
A Thorny Accounting Process Simplified: Managing Cost Center Allocations & JIB

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.

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

08/19/2020
How to Efficiently Manage Your Revenue Accounting in Times of Low Oil Prices

Formerly: Best Practices in Revenue Management

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P2 BOLO Continues as Leader in Upstream Oil & Gas Accounting

07/27/2020
P2 BOLO Continues as Leader in Upstream Oil & Gas Accounting

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 it’s a mature and robust oil and gas accounting solution that meets the requirements of all types of operations and regions in the U.S.

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Navigating the Complexity of Ownership Changes

06/23/2020
Navigating the Complexity of Ownership Changes

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, the latter of which may be scarce especially right now.

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

05/12/2020
Low Oil Prices and COVID-19 Accelerate Digital Transformation in Upstream Oil and Gas

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 and other projects, furloughing employees, trying to maintain cash on hand, and frankly, surviving.

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Embracing Adaptability in Today’s Oil and Gas Landscape

05/10/2020

Many oil and gas operators are finding new and creative ways to navigate today’s challenging business landscape. In our recent webinar, product leaders at P2 explained how E&Ps can and should embrace changes and shifts in technology to set themselves up for success in business operations across the board: from accounting to production to land – using data to enrich each area.

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