Oil & Gas Accounting

We understand the needs of your industry.

Oil & Gas Accounting

Accounting Professionals You Can Depend On

We understand that accounting in the oil and gas industry can be quite different from standard accounting practices for other businesses. From different software, reporting profit by well, and more, our team has the experience to make sure your accounting is handled in a way the meets industry standards

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Cash Management & Budgeting

  • Record all deposits based on client-provided deposit copies

  • Process and record all disbursements and checks

  • Reconcile all bank accounts regularly

  • Monitor and manage cash flow

  • Assist in budget development and tracking

Accounts Payable Services

  • Input all invoices into the OGSYS oil & gas accounting system

  • Allocate expenses accurately to the appropriate leases and wells

  • Process invoice payments efficiently

  • Prepare checks for delay rentals, lease bonuses, right-of-way (ROW) payments, and more

Joint Interest Billing

  • Generate Joint Interest Billings for all working interest owners using Accounts Payable data

  • Maintain and report on AFEs (Authorizations for Expenditure)

  • Prepare and issue AFEs based on client estimates

  • Provide comparative reports of actual versus budgeted AFE costs

Revenue Accounting

  • Record all production checks from purchasers

  • Disburse revenue checks to royalty and working interest owners

Division of Interest (DOI) Maintenance

  • Update DOI files to reflect ownership changes provided by clients

  • Maintain payout schedules and adjust for non-participation in AFEs

Lease Operating Statements

  • Produce monthly lease operating statements showing net income per well or groups of wells for the past 12 months

Severance Tax Reporting

  • File all applicable state severance tax reports for client-operated leases

Bank Loan Covenant Compliance

  • Prepare financial analyses to support compliance with loan covenants

Partnership Distributions & Reporting

  • Prepare and distribute monthly, quarterly, or as-needed partnership distribution and financial reports

  • Process and distribute partnership payments

1099 Reporting

  • Prepare and issue all required 1099 forms for vendors, royalty owners, delay rentals, and lease bonuses

Financial Statement Preparation

  • Produce financial statements in accordance with GAAP or other accounting frameworks on an annual, bi-annual, quarterly, or monthly basis

Federal & State Income Tax Returns

  • Prepare and file all federal and state income and franchise tax returns

Audit Support

  • Provide access to our office for year-end or quarterly audits by client financial statement auditors

  • Collaborate with auditors to support audit and review procedures

Contract Compliance

  • Ensure contract terms and obligations are monitored and met through regular compliance reviews