What Is Gas Plant Accounting?

Here we want to highlight one of these team members, Melodee Papke, our Vice President of Accounting Services. Keep reading to see what makes Melodee a crucial member of our staff and what she enjoys about working with us. Experience normal balance the power of streamlined operations and unrivaled financial management.

What is Oil and Gas Accounting?

Given the volatility of oil and gas prices, companies in this industry often engage in hedging activities to manage their exposure to price fluctuations. Accounting for hedging transactions is an integral part of oil and gas accounting. As oil and gas reserves are extracted, companies need to allocate the costs of acquiring and developing these reserves over time. DD&A is the accounting method https://www.bookstime.com/ used to spread these costs over the life of the reserves.

Gain True End-to-End Midstream Integrations with One Vendor

• Here at PetroLedger, we pride ourselves in the ability to help every client, no matter their size and needs.
• Over the years, I have been fortunate to share what I have learned with others.
• When faced with uncertainty, accountants should choose methods that are less likely to overstate assets and income.
• Accurate accounting helps in valuing these reserves, determining depletion, and providing insights into the company’s overall asset base, influencing strategic decisions and financial planning.
• Benefit from responsive service that tailors to your organization’s needs.
• That is why our team at eXigent created an automated system that provides greater accuracy and eliminates these costly errors.

We created an automated system that provides higher levels of accuracy and eliminates costly errors so that you can take your business to the next level. Every year, processing and gathering facilities lose money with costly accounting mistakes. That is why our team at eXigent created an automated system that provides greater accuracy and eliminates these costly errors.

Proven Industry Leader​ for Complete Natural Gas Gathering & Processing Solution

An accounting manager and a commercial manager both took time to answer questions and help me understand the accounting process, and how what we do impacts things. I firmly believe that understanding what you are doing and how it impacts others plays a big part in our work – both our results and how much we are willing to put into what we do. Federal (ONRR) and State production reporting, severance tax filings, unbundling, and other regulatory compliance are important functions, but require resources and expertise.

Reporting Compliance

While there can be similarities, no one gas plant is quite like the last. We can tackle all these differences both big and small all while providing you the best service. PetroLedger Financial Services offers comprehensive oil & gas accounting solutions to natural gas processing plants and pipelines.

But, what exactly is Gas Plant Accounting?

From allocations and settlements to gross margin analysis, we can assist you in simplifying oil and gas accounting and optimizingf your accounting processes. Adherence to accounting standards and compliance with regulations is essential to avoid legal issues, ensure regulatory compliance, and maintain industry integrity. At Gas Equities, Inc., we offer over 30 years of experience in joint venture revenue and expense audits, vendor audits, gas plant and fractionator audits, gas processing contract compliance audits, and litigation support.

Trusted by leading upstream and midstream energy companies

• Accounting for hedging transactions is an integral part of oil and gas accounting.
• I try to pass along what I have learned through all of my personal experiences, so they have a good understanding of what is involved, while also stressing how what we do matters.
• In this white paper, you can learn how to drive long-term success with an outsourced accounting solution.
• Proper accounting practices build trust among investors, regulators, and the public, fostering confidence in the industry.
• Understanding the complex measurements, contracts, allocations, and valuations requires the right people and the right systems.

Financial statements are prepared under the assumption that the entity will continue to operate for the foreseeable future. The financial activities of a business entity are separate from those of its owners. This principle emphasizes the need to keep personal and business transactions separate.

Where feasible, the Partnership will make reasonable accommodations to qualified individuals with disabilities to enable them to perform the essential functions of the job. If there are problems when importing data, like adding gas volume records for a meter that is not in GPIS, those issues are tracked in an import error log. You can also create reports to check the balance of your gathering system.