Principles of Revenue Accounting Boot Camp

Principles of Revenue Accounting Boot Camp

Designed for individuals who wish to gain a basic Revenue Accounting understanding. It is suitable for petroleum industry new hires, business professionals, investment advisors, analysts, regulators, government employees, accountants (CPA and Non-CPA), lawyers, community leaders, and the general public.

Course Content

This course covers the following topics:

 Industry History and Value Chain

  • History
  • Exploration
  • Petroleum Products 


Oilfield Operations and Production Accounting

  • Production
  • Flow
  • Measurement
  • Quality


Oil Lease Sales Accounting

  • Contracts
  • Volumetric Data
  • Oil Pricing


Oil Off-lease Sales Accounting

  • Off-lease Contracts
  • Pricing
  • Transportation and Downstream Requirements


Gas Operations Production Accounting

  • Production and Processes
  • Gas Types and Measurement

Gas Lease Sales Accounting

  • Contracts and Pricing
  • Volumetric Data
  • Accounting Entries


Gas Off-lease Sales Accounting 

  • Contracts
  • Transportation
  • Nominations
  • Net-back Pricing
  • Sales Entries


Gas Plant Accounting 

  • Processing
  • NGLs
  • Contract types
  • Gas Allocation
  • Accounting Entries  


Producer and Pipeline Imbalances 

  • Statements and Settlements 


Production and Severance Taxes 

  • Deductions
  • State Differences
  • Tax Incentives
  • Tax Audits


Private and State Federal Royalties 

  • State Royalty Payments
  • ONRR payments


Check Stub Processing 

  • Processing Checks
  • Operator Questions
  • Data Verification  


Revenue Accountant Relationships 

  • Data Needs
  • Inter-departmental Relationships
  • Partners and Working with Purchasers


Variance Analysis Analytics 

  • Close Activities
  • Variance Analysis Process
  • Reconciliations
  • Period Adjustments


Learning Objectives

Upon completion of this course, you will be able to:

  1. Describe the upstream oil and gas industry
  2. Recognize past and current market regulation
  3. Describe the critical role of the revenue accountant
  4. Describe production processes of oil and gas products and by-products
  5. Recall various product measurement approaches, standards and product allocation methods
  6. Explain, interpret and execute the various types of lease agreements and provisions
  7. Apply the sales and entitlement methods of accounting
  8. Prepare complete accounting entries for common dispositions


Program Level: Basic        CPE Credits: 16 hours      Delivery: Group-Live       Prerequisites: None

Advance Prep: None         Field of Study: Accounting

Cost: See pricing on registration opportunities, and for custom private courses contact