In addition to earnings, income, cash flows, depreciation, depletion, amortization, debits, credits and all other Generally Accepted Accounting Principals regulated by FASB and SEC, Oil & Gas Accounting involves tracking numerous other costs and revenues related to acquisition, exploration, development, and production of oil and gas.
Accounting in oil and gas is complex (that, and the short supply of accountants, is why it generally pays higher than traditional accounting jobs). Many property and lease holders and mineral royalty owners are involved and require payment, varying volumes of product and by-products of extraction (such as methane and other "-anes") are bought and sold between numerous companies, and trading of commodities fluctuate widely. In addition, carbon trading and carbon tax credits have also been recently added to the mix.
Oil & Gas Accountants must maintain accurate record of property acquisition, retention and surrender; exploratory and development costs; mineral conveyances; oil and gas production; joint interest operations, related financial statement disclosures, and keep well apprised of international laws, taxes, currencies, and exchange rates.
Colorado Oil & Gas accountants have been in short supply for some time. In an effort to boost the numbers EnCana Oil contributed to UCD's Business School a couple of years ago to jump start an oil & gas accounting course in Denver, even paying for students' textbooks. A Denver Business Journal article about this partnership, which claims "Those with a minimum of five years experience can command a base salary of between $55,000 and $75,000", is available at this
link.
If you enjoy working numbers and need a challenge over traditional accounting, oil & gas accounting may just be the right career for you!
By the way, there is a Colorado association for accountants in this industry.
COPAS-Colorado is a non-profit professional organization located in Denver, Colorado, whose members are comprised primarily of accountants working in the petroleum or petroleum-related industries.
In addition to listings on
Bradsby Group, following are a few more postings I found on the Internet to give you an idea of what's available at the time of this posting:
EnCanaPayout Accountant - Finance Business Services
Denver, CO
Duties and Responsibilities:
- Update and issue existing payout statements making sure that the statements are accurate and in compliance with the JOA or farm out agreement governing the payout statement and the revenue and expenses reflect 8/8’s amounts.
- Research new payout request; review JOA or farm out agreement, review AFE, accumulate well costs, accumulate revenue and production information.
- Understand various partner sensitivities and legal issues in regards to payouts.
- Analyze and review statements with AFE and state production information.
- Ability to perform multiple tasks and meet contractual deadlines.
- Must communicate with various departments, e.g. landmen, engineers, and accounting.
Qualifications:
- Bachelors Degree in Business with an accounting emphasis.
- Minimum of 2 years oil and gas industry experience including revenue, joint interest billing and/or accounts payable.
-Excellent team player and ability to communicate effectively; works well with others.
- Analytical skills and ability to organize and set up projects as needed.
- Familiar with COPAS procedures, industry standards and JOA agreements.
- Aptitude and ability to learn integrated accounting systems; previous experience important.
- Strong skills with Excel spreadsheets.
- Excalibur and JDE experience helpful.
- Knowledge of Microsoft office suite of products.
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Eden EnergyOil and Gas Assistant
Location: Denver, Colorado
MAJOR JOB RESPONSIBILITIES AND ACTIVITIES
OVERVIEW
Develop support systems that are consistent with the needs of the Accounting, Engineering, Land and Geologic Departments to ensure availability of accurate, timely information and to enhance the workflow of the Company. Continuously strive to develop efficient, new or improved, methods of providing assistance to the various department staff as well as other areas of the organization.Organize and maintain document filing system for Accounting, Engineering, Land and Geologic Departments concerned with the operation and maintenance of producing oil and gas properties.Provide efficient, professional and confidential administrative support to the Chief Operating Officer. At all times, maintain complete confidentiality of all knowledge relating to business activities.
ACCOUNTING
Provide technical and administrative support to accounting personnel relating to the timely and accurate compilation of financial statements and general ledger accounts. Prepare monthly plan to actual variance analysis and explanations in order to appraise operating results in terms of profitability and operating effectiveness of the organization.Assist with non-operated revenue and production accounting, as well as distribution and mailing of revenue and accounts payable checks. Obtain proof of insurance, W-9 and sales tax documents. Monitor cash call invoices and receipts. Review and code invoices. Perform weekly/monthly functions for revenue, JIB, GL and AP. Enter unique and recurring journal entries. Ensure integrity and accuracy of all accounting transactions, account analysis and account reconciliations to the general ledger.
ENGINEERING/LAND/GEOLOGY
Coordinate with Engineering, Land and Geology Departments to provide administrative support including setting up, maintaining and organizing well and lease files, preparing and filing sundries and governmental forms, tracking well proposals, contracts, lease data input, tracking well and workover proposals and post election deadlines. Coordinate with Engineering, Land and Geology Departments to summarize, track and prepare monthly production reports. Download data. Review, print, and file drilling and completion reports. Support vendors and contractors in procuring requested engineering, land or geological data.
GENERAL
Maintain professional working relationships with all employees, including officers, department staff and other company personnel, business associates, vendors, contractors, consultants and customers. Maintain open, honest and candid communications with department staff, which supports problem solving and decision-making processes. Communicate with supervisor regarding the status of work on a regular basis. Facilitate the use of technology regarding communications and information within the Company.
QUALIFICATIONS
Position requires a working knowledge in oil and gas operations and administration. Strong verbal and written communication skills are essential for interaction with internal departments, regulatory agencies, outside companies and other interest owners. High School diploma or equivalent, 2-year Associated Degree or post secondary education relating to the position is preferred, Administrative experience in the oil and gas industry with accounting, engineering, land or geology related background desirable. A strong working knowledge of accounting software packages (PetroWare 2000), Word, Excel and Access and is preferable. Successful candidate must demonstrate strong interpersonal skills, excellent oral and written communication skills, the ability to prioritize and organize work, exercise good judgment, manage multiple tasks/projects, respond to changing priorities, work independently as well as on a team and perform required tasks with accuracy and meet deadlines with close attention to detail.
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Black Hills CorporationSenior Oil & Gas Accountant
Job Location: Golden, CO
PRIMARY FUNCTION:
Perform routine and special projects for the operation, management, and support of BHE&P activities in both lead and team roles. Extensive involvement with revenue, tax and regulatory reporting. Create and analyze reports of company activities. Provide technical Oil and Gas accounting support with particular focus on tax and regulatory compliance and reporting.
MAJOR JOB RESPONSIBILITIES AND ACTIVITIES
PLANNING:
- Assist in the development of Accounting related strategies for the company.
- With input from Controller and Internal audit, devise and plan partner audits on a reasonable basis.
- Coordinate responses to requests from outside parties.
- Review oil and gas accounting reporting practices and provide recommendations for corrections and improvements.
ORGANIZING:
- Accumulate, analyze and distribute operational accounting data as requested.
- With support from the legal and tax departments review and provide input for updates to the company's sales tax and business registration procedures.
CONTROLLING:
- Actively participate in processes to ensure compliance with federal & state regulations and company policies and procedures.
- Review and develop processes to ensure compliance with various contractual terms and conditions.
PRODUCING:
- Act as audit liaison for both internal and external parties.
- Analyze production tax incentives and review for application to BHE&P sales and production.
- Assist with accounting and reporting system enhancements.
- Participate in the preparation and filing of regulatory reports.
- Complete individual analytical processes in a satisfactory manner given abstract project guidelines.
- Perform various reconciliations and updates of schedules.
- Actively participate in the analysis of proposed projects and in the review of current projects.
- Various projects and reports as assigned.
- Work to meet the needs of the company's General Manager and various departments.
COMMUNICATION:
- Effectively create, interpret and communicate complex data to company, corporate, and external parties.
- Successfully communicate department, company and industry activity to corporate personnel and other departments.
Required Skills
KNOWLEDGE:
Thorough knowledge of Oil & Gas accounting principles, theories and concepts. The ability to work independently in a time constrained setting. Requirements include excellent oral and written communication skills and the ability to work in a dynamic team environment.
EDUCATION: Bachelor's Degree in Accounting or equivalent experience.
EXPERIENCE:
- Minimum of five years experience in accounting.
- Direct experience in oil and gas accounting issues required.
- Broad understanding of accounting principles, theories, and practices.
- Demonstrated ability to perform various tax, audit, and budget functions.
- Successful supervisory experience is preferred.
- The ability to lead projects and train staff when necessary.
- Extensive experience with spreadsheets, word processing, data bases and integrated accounting packages.
- Public Accounting experience is a plus.
The military may also be an answer to obtaining skilled positions. One option may be to have Workforce Centers directly communicating with military personnel who are retiring from the military but seeking employment in the private sector. This connection with the Workforce Centers could bond the recruitment of skilled workers to employers who are in need of the various skilled military personnel. Tri-State has directly benefited from military personnel as they have applicable skills that can be transferred to our plant operations.
Many youth today believe they should just start at the top of the company. However, they should not expect to be at the top now; in fact it is detrimental to them. They need to start at the bottom of a company, learn the systems and work hard so that when they are promoted they understand the business from the ground up. They will be more successful because they not only have the education but will have the knowledge of the business as well.
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