Financial Solutions
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Midstream & Upstream Accounting
Both involve tracking and reporting financial information related to drilling activities, including capital expenditures, revenue recognition, and the allocation of expenses. Effective management of Midstream and Upstream Accounting is essential to ensure accurate financial reporting and regulatory compliance, which is crucial for the industry's success.
General Financials
Management and reporting of financial information related to various business activities, including drilling, production, marketing, and distribution. It includes the preparation of financial statements, management of accounts payable and receivable, payroll processing, and tax compliance. Effective management of general accounting is crucial to ensure the accuracy and integrity of financial information, as well as regulatory compliance. This accounting process plays a critical role in ensuring the financial health and success of Oil & Gas companies.
Division Orders
Involves the allocation of revenue among interest owners in a drilling operation based on their percentage of ownership. The process ensures fair and accurate distribution of revenue and compliance with financial reporting regulations. The Division Order, a legal document specifying the ownership percentages, plays a critical role in this accounting process. Effective management of Division Orders accounting is essential to ensure that all parties receive their rightful share of revenue and to maintain the financial integrity of the drilling operation.
Tax & Regulatory
Managing financial reporting and compliance with tax laws and regulations. It includes the calculation and reporting of various taxes such as state and federal income tax, severance tax, and sales tax. Regulatory compliance involves adherence to regulations set forth by various government entities such as the EPA, BLM, and DOT. Effective management of Tax & Regulatory accounting is crucial to minimize tax liabilities and avoid penalties, while maintaining compliance with regulatory requirements.
GIS & Land Management
Acquisition and management of land for drilling operations. It includes lease and contract management, payment processing, and royalty accounting. Effective management of Land Management accounting is critical to ensure compliance with regulatory requirements, efficient use of resources, and timely payment of royalties. The process requires accurate tracking and reporting of land ownership, lease terms, and payment obligations.