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Last month at the George R. Brown Convention Center in Houston, NAPE 2023 celebrated 30 years of bringing together projects and opportunities from around the world. The show preserved its core format — aisle after aisle of booths with maps, seismic surveys and droves of homogenous businessmen seeking the next deal.

PetroLedger Financial Services, LLC. (“PetroLedger”) today announced the acquisition of Oklahoma City-based oil and gas land management and accounting firm, Associated Resources, Inc. (“ARI”), as an expansion of its strategic transactional accounting services for the energy market. "We are thrilled to welcome Associated Resources to the PetroLedger family," said Chad Smith, Partner at PetroLedger. "The combination of their high-quality land services and our premier transaction accounting creates a full-service offering for our current and potential clients. This acquisition is a natural extension of our current business and will enable us to better serve our existing clients and continue to grow our business.”

Last Monday, our own Scott Phipps and Chad Smith with Avisto Capital Partners packed up their golf clubs and headed down to the Club at Sonterra in San Antonio for the Meals on Wheels 2022 Drive to Deliver Gold Tournament. We had the honor and privilege to sponsor the tournament, and we’re thankful for the opportunity to support such a great cause for local seniors.

On Saturday, our PetroLedger Tulsa Team put on their best running shoes and headed to OneOK field for the St. Jude Oklahoma Walk/Run to help fight childhood cancer. Leading up to the event, our team collectively raised $1,855 for the kids of the Children’s Research Hospital.

Without a doubt, there is an art to creating and implementing a positive company culture while growing at an exponential rate. PetroLedger’s values are the foundation of our extraordinary company culture. Over the last nine months, I have seen the incredible work that our financial professionals have performed for our clients, and I am thoroughly impressed by everyone within our organization. PetroLedger has decades of expert oil and gas financial experience, and we provide first class service internally and externally.

Each year, the NAPE Expo in Houston is a microcosm of the state of the oil and gas industry. This year, despite some pre-convention jitters about the Omicron variant of COVID, the show went on without a hitch. And what a show it was. To my eyes and ears, the theme around NAPE this year was GREEN.

Each year, the NAPE Expo in Houston is a microcosm of the state of the oil and gas industry. This year, despite some pre-convention jitters about the Omicron variant of COVID, the show went on without a hitch. And what a show it was. To My eyes and ears, the theme around NAPE this year was GREEN.

I was in Houston last week for the NAPE Summit (this was the winter version rescheduled for August and replacing the summer NAPE). The industry had big plans and high hopes for a back-to-normal mega-convention after a year pivoting and adjusting with countless virtual chats and online forums of which we are all quite tired. NAPE has always been a place to see and be seen in the flesh, a place “where deals happen”. Six months ago, PetroLedger committed to a booth and in-person presence to promote our fresh rebrand, connect with our strategic partners and push to continue our year of strong customer growth with newly formed relationships. That was our plan…

Our PetroLedger Dallas Team spent a day last week volunteering with North Texas Food Bank, a local nonprofit hunger relief organization that distributes donated and purchased foods through a network of more than 200 Partner Agencies in 13 counties.

At PetroLedger, we get to know our clients pretty well. We want you to know who we are, too. There’s a lot more personality than you might expect to find at a financial firm, and while professionalism is our first order of business, creating a fun work environment is always close behind! Today we’d like to introduce Shannah Goins, one of our hardworking Directors of Client Success. We asked her some questions to get to know her a little better.

At PetroLedger, we get to know our clients pretty well. We want you to know who we are, too. There’s a lot more personality than you might expect to find at a financial firm, and while professionalism is our first order of business, creating a fun work environment is always close behind! Today we’d like to introduce Jamie Edison, one of our hardworking Directors of Client Success. We asked her some questions to get to know her a little better.

At PetroLedger, we get to know our clients pretty well. We want you to know who we are, too. There’s a lot more personality than you might expect to find at a financial firm, and while professionalism is our first order of business, creating a fun work environment is always close behind! Today we’d like to introduce Neal Boswell, Senior Manager of our Regulatory Department. We sat down with him to get to know him a little better…

At PetroLedger, we get to know our clients pretty well. We want you to know who we are, too. There’s a lot more personality than you might expect to find at a financial firm, and while professionalism is our first order of business, creating a fun work environment is always close behind! Today we’d like to introduce Kyli Miler, our Assistant Account Manager who just started her position last week. We sat down with her to get to know her a little better…

At PetroLedger, we get to know our clients pretty well. We want you to know who we are, too. There’s a lot more personality than you might expect to find at a financial firm. While professionalism is our first order of business, creating a fun work environment is always close behind! Today we’d like to introduce Melodee Papke, Vice President of Enterprise Clients. We sat down with her to get to know her a little better…

At PetroLedger, we get to know our clients pretty well. We want you to know who we are, too. There’s a lot more personality than you might expect to find at a financial firm. While professionalism is our first order of business, creating a fun work environment is always close behind! Today we’d like to introduce Lauren Rabalais, our Creative Marketing Associate, Social Media Guru, and newest member of the team. We sat down with her to get to know her a little better…

At PetroLedger, we get to know our clients pretty well. We want you to know who we are, too. There’s a lot more personality than you might expect to find at a financial firm, and while professionalism is our first order of business, creating a fun work environment is always close behind! Today, we’d like to introduce Jonathan Carroll, PetroLedger’s Marketing Manager. We sat down with our metaphorical man behind the curtain to get to know him a little better…

At PetroLedger, we get to know our clients pretty well. We want you to know who we are, too. There’s a lot more personality than you might expect to find at a financial firm. While professionalism is our first order of business, creating a fun work environment is always close behind! Today we’d like to introduce Elise Berlin, whom many of you have likely met. We sat down with our all-around-fixer-person to get to know her a little better…

At PetroLedger Financial Services, we get to know our clients pretty well. We want you to know who we are, too. There’s a lot more personality than you might expect to find at a financial firm, and while professionalism is our first order of business, creating a fun work environment is always close behind!

At PetroLedger, we get to know our clients pretty well, weather it be in Tulsa, Abilene, or Houston. We want you to know who we are, too. There’s a lot more personality than you might expect to find at a financial firm, weather it be from Accountants, Bookkeepers, or from Office Admins. While professionalism is our first order of business, creating a fun work environment is always close behind! Today we’d like to introduce Jordan Griffin, one of our Bookkeepers, and also one of our youngest team members. We sat down with our Bookkeeper Extraordinaire to get to know him a little better…

Meet Tina Slagle, one of the newest additions to PetroLedger’s team of professionals in Tulsa, Oklahoma. While she’s new to us, she’s no stranger to revenue accounting. Already proving herself an invaluable asset, we sat down with our Revenue Rockstar to get to know her a little better…

PetroLedger Financial Services, LLC. (“PetroLedger”) today announced the acquisition of Oklahoma City-based oil and gas land management and accounting firm, Associated Resources, Inc. (“ARI”), as an expansion of its strategic transactional accounting services for the energy market. "We are thrilled to welcome Associated Resources to the PetroLedger family," said Chad Smith, Partner at PetroLedger. "The combination of their high-quality land services and our premier transaction accounting creates a full-service offering for our current and potential clients. This acquisition is a natural extension of our current business and will enable us to better serve our existing clients and continue to grow our business.”

An inaccurate division order can spell a lot of trouble for all parties involved. Mispayments are not always detected expeditiously, and they can often create practical and legal challenges if they are not resolved quickly. However, the unfortunate reality for operators is that, without thorough oversight, inaccuracies are inevitable, especially when you factor in varying division order laws from state to state. These mispayments are usually caused by simple human error: miscalculations, typos, system errors, ownership analysis errors, and so on.

Let’s face it: oil and gas accounting can be complex. The right ERP solution can save you a lot of time and money by minimizing errors, streamlining processes, and giving you the reports you need to make solid decisions for your business. But what happens when you outgrow your current software? Managing an ERP data conversion takes extensive knowledge of both industry software platforms and oil and gas accounting.

Small business owners often wear many hats, but the need to scale eventually prompts the need to delegate certain roles and functions. However, with that comes inherent risk.

The journey from old to new oil and gas software can be an arduous one. On top of the complications that can arise during the data conversion process, many companies come to realize post-conversion that their new software may not be as good of a fit as they believed. But data conversions are costly, time-consuming projects; you really want to get these right the first time. With over 25 years of experience migrating client data, we’ll be there to help you make the decision that’s best for your business, whether your data comes from industry-standard applications, QuickBooks, legacy software, or any other unsupported systems. Our scoping process is thorough, and we’ll recommend the application we think is the best for you after some conversation about your needs. But before you decide to pull the trigger on a data conversion, here are three important questions your company should consider.

Nothing is scarier during Halloween season than knowing your 1099 filing deadlines are creeping closer. We know how much of an enormous headache the 1099 filing process is— that’s why it’s one of our most-requested services we offer to our clients. But there’s no need to stress this year: here is how outsourcing your 1099 processing can help you relax this season.

It’s time to begin thinking about 1099’s again, and our gurus at PetroLedger Financial Services have made it easy for you by compiling the resources you need.

An inaccurate division order can spell a lot of trouble for all parties involved. Mispayments are not always detected expeditiously, and they can often create practical and legal challenges if they are not resolved quickly. However, the unfortunate reality for operators is that, without thorough oversight, inaccuracies are inevitable, especially when you factor in varying division order laws from state to state. These mispayments are usually caused by simple human error: miscalculations, typos, system errors, ownership analysis errors, and so on.

So, you’re interested in outsourcing your accounting. You’ve identified a few warning signs that your business might need assistance, and, intrigued by all the benefits of outsourced accounting you’ve been hearing about, you’re almost ready to take the next step and find the right outsourcing provider.

If you read our Outsourced Accounting FAQs blog, you might have an idea of the optimal times for a business to start outsourcing, but how do you know if you need to outsource in the first place? In this blog, we’ve gone over some of the biggest red flags that small and mid-size E&Ps should be wary about in their accounting operations. If your business is suffering from one or more of the issues described below, now is the time to consider outsourcing your accounting functions.

Unsure if outsourcing is right for you? You’re not alone! We’ve put together some commonly asked questions about our services so you can outsource with confidence.

Despite how far the field has advanced into the digital sphere, the Oil and Gas industry is still overrun with legacy software notorious for a lack of transparency. In addition, many companies are still using manual processes such as physical spreadsheets to manage their assets alongside these legacy databases. This lends to control issues, data integrity concerns, and potential legal trouble. Transparency— or the lack thereof— impacts many facets of your business, including your year-end processing. Here are a few of the ways transparency shapes your company functions:

The oil and gas sector is going paperless— at the speed of molasses. Field tickets, service invoices, production statements, and division orders all generate volumes of paper that need to be entered into an accounting platform. It seems like each producer, oilfield service provider, and vendor has their own way of doing so. Together, this can wreak havoc for a back office trying to efficiently manage the accounts payable function of an organization.

Whether you’re an E&P operator, part of a private equity firm, or a midstream company, you’re probably expected to be GAAP compliant. But fully understanding GAAP procedures can be a tall task— albeit an important one— especially if you don’t handle your own business’s accounting. Not complying with GAAP can lead to severe consequences for your business, so we’ve explained the 10 GAAP principles and what they mean, how these standards apply to your business, and what the requirements are to be GAAP-compliant.

Accounting is essential for the success of a business, both large and small. Whether you record and analyze your financial operations yourself or outsource your bookkeeping, it’s crucial to know the basics.

Production allocation is the process of accurately accounting for the oil, gas, and other products of a well. This production accounting contains the crucial data for the well and is therefore elemental in nearly all aspects of an oil and gas company. To perform this accounting properly and efficiently, it is important that the individual well configuration be considered and a production management system be in place to efficiently capture data. A Production Accountant will have the unique experience necessary to turn this data into meaningful allocation reports for internal stakeholders and ensure that all reporting requirements are met.

There is nothing common about producing and selling natural gas. E&P teams are finding molecules thousands of feet below the Earth’s surface, lifting them out of the ground and selling what comes out to an end-market buyer yielding the best price. Also, adding to that complexity, a list of investors (working interest owners, royalty owners, overrides, etc.) own the volumes produced. Each of these owners are entitled to their share in the benefit of the produced volumes and may or may not share in the expenses. But some interest owners will find end market values different than other owners of the same gas from a well.

The oil and gas industry is becoming a competitive and expensive ecosystem. In this time, it’s crucial to know exactly where your money is going in a joint operating agreement. If you have any concerns that your capital may be misallocated by an operator within this agreement, it might be time to consider conducting a joint interest audit (JIA).

Joint Ventures are a crucial component of oil and gas production in the United States. In the simplest form, a joint venture is an agreement between invested parties to share in both the risk (expenses) and rewards (revenues) derived from the production of hydrocarbons amongst the constituents to include private landowners, operators, investors and others. Joint ventures can be complex, and fulfillment of the terms can be tricky. Often in pursuit of scale, joint ventures may be seeking to develop large tracts of land across multiple leases and potentially across state borders.

Escheatment (unclaimed property) compliance can seem like a daunting challenge for operators, family offices and others in the Oil & Gas industry. There are no shortcuts, and understanding how the requirements apply to you is the most important step to ensure you are operating within reporting guidelines. PetroLedger Financial Services has decades of experience with regulatory filing and escheatment law. Let us guide you on the track to full compliance.

When a company gets into the Exploration and Production business, there are usually several drivers. The potential for massive revenue is chief among them, but do they always think about the costs? Like any business, you don’t get into business to lose money so the costs must be weighed against the benefits. The E&P space is one of the most lucrative choices right now because the most recent price drop has caused more innovation in the market, making it easier to produce more at a lower cost. The costs of producing a well or lease are can be predicted, but what is not always foreseen is the regulation attached to certain lands. There are four types of lessors (mineral owner): Fee (not a government), State, Federal (US), and Tribal (Native American). Each Lessor type has its own set of regulations.

Everyone is familiar with time and material billing. We do the work and whatever time it takes; we bill you at the end of the month. It may be fair, and it may be accurate, but it can give clients heartburn when they don’t have insight into their monthly expenses, especially in today’s environment. A new trend we’re seeing in outsourced service businesses, and one we’ve started offering, is flat-fee billing. Flat-fee billing is a set cost for services that does not change based on time spent). Let’s explore how this could benefit your organization.

Let’s face it: oil and gas accounting can be complex. The right ERP solution can save you a lot of time and money by minimizing errors, streamlining processes, and giving you the reports you need to make solid decisions for your business. But what happens when you outgrow your current software? Managing an ERP data conversion takes extensive knowledge of both industry software platforms and oil and gas accounting.

Following the move to remote work for our almost 100 employees in the Spring of 2020, two themes became clear for the Partners of PetroLedger Financial Services. One: the bond between our employees and their clients is strong, resolute and compassionate, and exists in a place outside of a sterile bookkeeper/client relationship. Two: our Company’s pursuit of an enhanced client experience through technology will continue to make us better.

It’s time to begin thinking about 1099’s again, and our gurus at PetroLedger Financial Services have made it easy for you by compiling the resources you need.

A major accounting process change that has been on the horizon for years is recognizing revenue. The adoption of Accounting Standards Codification, ASC 606, was enacted in 2014 with a deadline of December 21, 2019 for nonpublic entities to come into compliance. Also known as IFRS 15, it is a revenue recognition model designed to increase financial statement comparability among companies. These standards include a particular distinction that applies to imbalanced oil and gas parties. This level of detail is probably not where you want to spend your time in management meetings.

Domestic production remains at high levels, despite the EIA’s prediction of a coming slowdown. On the year, output through the first six months of 2018 outpaces that of the same period last year by nearly 15 percent, and June saw crude production at 320 million barrels—up more than 10 million barrels from the start of the year. All in all, we’d say that’s a pretty good trend going into the fourth quarter. So what’s going on in your neck of the woods? Keep reading to find out.

At the beginning of February this year, we announced our acquisition with back-office accounting and land management firm, Associated Resources. With this new partnership underway and going strong, we are eager to deliver even more value for our clients with an expansive suite of new land administration services to choose from.

Small business owners often wear many hats, but the need to scale eventually prompts the need to delegate certain roles and functions. However, with that comes inherent risk.

The journey from old to new oil and gas software can be an arduous one. On top of the complications that can arise during the data conversion process, many companies come to realize post-conversion that their new software may not be as good of a fit as they believed. But data conversions are costly, time-consuming projects; you really want to get these right the first time. With over 25 years of experience migrating client data, we’ll be there to help you make the decision that’s best for your business, whether your data comes from industry-standard applications, QuickBooks, legacy software, or any other unsupported systems. Our scoping process is thorough, and we’ll recommend the application we think is the best for you after some conversation about your needs. But before you decide to pull the trigger on a data conversion, here are three important questions your company should consider.

Nothing is scarier during Halloween season than knowing your 1099 filing deadlines are creeping closer. We know how much of an enormous headache the 1099 filing process is— that’s why it’s one of our most-requested services we offer to our clients. But there’s no need to stress this year: here is how outsourcing your 1099 processing can help you relax this season.

It’s time to begin thinking about 1099’s again, and our gurus at PetroLedger Financial Services have made it easy for you by compiling the resources you need.

An inaccurate division order can spell a lot of trouble for all parties involved. Mispayments are not always detected expeditiously, and they can often create practical and legal challenges if they are not resolved quickly. However, the unfortunate reality for operators is that, without thorough oversight, inaccuracies are inevitable, especially when you factor in varying division order laws from state to state. These mispayments are usually caused by simple human error: miscalculations, typos, system errors, ownership analysis errors, and so on.

So, you’re interested in outsourcing your accounting. You’ve identified a few warning signs that your business might need assistance, and, intrigued by all the benefits of outsourced accounting you’ve been hearing about, you’re almost ready to take the next step and find the right outsourcing provider.

Our vision at PetroLedger is to be the partner of choice within the oil and gas industry for outsourced accounting and transaction services by employing the best-in-class people and processes across multiple technology platforms. Our most experienced and versatile staff resides in our Professional Services department. If you ask any of our staff, they will say it’s very rewarding to see the before and after version of their books. The PetroLedger team is a set of superheroes that transform and correct your data to better serve your organization.

If you read our Outsourced Accounting FAQs blog, you might have an idea of the optimal times for a business to start outsourcing, but how do you know if you need to outsource in the first place? In this blog, we’ve gone over some of the biggest red flags that small and mid-size E&Ps should be wary about in their accounting operations. If your business is suffering from one or more of the issues described below, now is the time to consider outsourcing your accounting functions.

Unsure if outsourcing is right for you? You’re not alone! We’ve put together some commonly asked questions about our services so you can outsource with confidence.

Despite how far the field has advanced into the digital sphere, the Oil and Gas industry is still overrun with legacy software notorious for a lack of transparency. In addition, many companies are still using manual processes such as physical spreadsheets to manage their assets alongside these legacy databases. This lends to control issues, data integrity concerns, and potential legal trouble. Transparency— or the lack thereof— impacts many facets of your business, including your year-end processing. Here are a few of the ways transparency shapes your company functions:

The oil and gas sector is going paperless— at the speed of molasses. Field tickets, service invoices, production statements, and division orders all generate volumes of paper that need to be entered into an accounting platform. It seems like each producer, oilfield service provider, and vendor has their own way of doing so. Together, this can wreak havoc for a back office trying to efficiently manage the accounts payable function of an organization.

Accounting is essential for the success of a business, both large and small. Whether you record and analyze your financial operations yourself or outsource your bookkeeping, it’s crucial to know the basics.

Production allocation is the process of accurately accounting for the oil, gas, and other products of a well. This production accounting contains the crucial data for the well and is therefore elemental in nearly all aspects of an oil and gas company. To perform this accounting properly and efficiently, it is important that the individual well configuration be considered and a production management system be in place to efficiently capture data. A Production Accountant will have the unique experience necessary to turn this data into meaningful allocation reports for internal stakeholders and ensure that all reporting requirements are met.

There is nothing common about producing and selling natural gas. E&P teams are finding molecules thousands of feet below the Earth’s surface, lifting them out of the ground and selling what comes out to an end-market buyer yielding the best price. Also, adding to that complexity, a list of investors (working interest owners, royalty owners, overrides, etc.) own the volumes produced. Each of these owners are entitled to their share in the benefit of the produced volumes and may or may not share in the expenses. But some interest owners will find end market values different than other owners of the same gas from a well.

The oil and gas industry is becoming a competitive and expensive ecosystem. In this time, it’s crucial to know exactly where your money is going in a joint operating agreement. If you have any concerns that your capital may be misallocated by an operator within this agreement, it might be time to consider conducting a joint interest audit (JIA).

Joint Ventures are a crucial component of oil and gas production in the United States. In the simplest form, a joint venture is an agreement between invested parties to share in both the risk (expenses) and rewards (revenues) derived from the production of hydrocarbons amongst the constituents to include private landowners, operators, investors and others. Joint ventures can be complex, and fulfillment of the terms can be tricky. Often in pursuit of scale, joint ventures may be seeking to develop large tracts of land across multiple leases and potentially across state borders.

Escheatment (unclaimed property) compliance can seem like a daunting challenge for operators, family offices and others in the Oil & Gas industry. There are no shortcuts, and understanding how the requirements apply to you is the most important step to ensure you are operating within reporting guidelines. PetroLedger Financial Services has decades of experience with regulatory filing and escheatment law. Let us guide you on the track to full compliance.

When a company gets into the Exploration and Production business, there are usually several drivers. The potential for massive revenue is chief among them, but do they always think about the costs? Like any business, you don’t get into business to lose money so the costs must be weighed against the benefits. The E&P space is one of the most lucrative choices right now because the most recent price drop has caused more innovation in the market, making it easier to produce more at a lower cost. The costs of producing a well or lease are can be predicted, but what is not always foreseen is the regulation attached to certain lands. There are four types of lessors (mineral owner): Fee (not a government), State, Federal (US), and Tribal (Native American). Each Lessor type has its own set of regulations.

Let’s face it: oil and gas accounting can be complex. The right ERP solution can save you a lot of time and money by minimizing errors, streamlining processes, and giving you the reports you need to make solid decisions for your business. But what happens when you outgrow your current software? Managing an ERP data conversion takes extensive knowledge of both industry software platforms and oil and gas accounting.

Following the move to remote work for our almost 100 employees in the Spring of 2020, two themes became clear for the Partners of PetroLedger Financial Services. One: the bond between our employees and their clients is strong, resolute and compassionate, and exists in a place outside of a sterile bookkeeper/client relationship. Two: our Company’s pursuit of an enhanced client experience through technology will continue to make us better.

It’s time to begin thinking about 1099’s again, and our gurus at PetroLedger Financial Services have made it easy for you by compiling the resources you need.

A major accounting process change that has been on the horizon for years is recognizing revenue. The adoption of Accounting Standards Codification, ASC 606, was enacted in 2014 with a deadline of December 21, 2019 for nonpublic entities to come into compliance. Also known as IFRS 15, it is a revenue recognition model designed to increase financial statement comparability among companies. These standards include a particular distinction that applies to imbalanced oil and gas parties. This level of detail is probably not where you want to spend your time in management meetings.

Domestic production remains at high levels, despite the EIA’s prediction of a coming slowdown. On the year, output through the first six months of 2018 outpaces that of the same period last year by nearly 15 percent, and June saw crude production at 320 million barrels—up more than 10 million barrels from the start of the year. All in all, we’d say that’s a pretty good trend going into the fourth quarter. So what’s going on in your neck of the woods? Keep reading to find out.

Vice President of Sales & Marketing Jordan Driskell is back with another rant, asking the tough questions.

I graduated from high school in 2002, a long time ago. During my MBA program, when one of my professors didn’t recognize a Groucho reference, (“Any program that will take me isn’t good enough”) I took that as the final smidgen of proof that the traditional education system had nothing more to teach me. When I was in high school, computers were only just becoming standard in certain classrooms. They were old Apple iMacs— you remember the brightly colored, neon one-piece boxes Steve Jobs used to hawk back in the day— and some nameless PC that was probably handed down to the school from a city auction. Back in those days, I didn’t see the computer as a friend. I didn’t recognize these hunks of junk as the predecessor of the tools that would help me crush Jane Doe.

To: President@Whitehouse.gov From: We The People Re: Any d@mn thing that pops into my head about how this country should be run. People in power always care about letters, good or bad. Today, if PetroLedger received fewer than a dozen letters complaining about my use of ‘colorful metaphors,’ I’d get the call, “Driskell, you gotta clean it up! Give me your badge and gun. You’re on the bench.”

I know what you’re thinking: “Jordan, you’re a lovable, swashbuckling, sort of scamp; why aren’t you a pirate?” And that’s a good question. The answer is simple: I have a healthy respect for the law, and piracy is illegal— has been for some time. Barring a mild dalliance with Napster in my youth, and maybe one or two other, very nominal movie and music transgressions, I don’t engage in that sort of tosh. Besides, piracy was a lot more interesting back in the day: sailing the high seas, roaming about, and looking for a hapless ship to plunder.

Remember over a year ago, when we had so much oil that you couldn’t pay people to take it? Or when global storage was maxed out and previously successful E&P Operators were draining their swimming pools and filling them with crude because they refused to shut in a well and no amount of money or TSA coercion could convince a First Purchaser to bring the truck around?

Long before I won the lottery and landed a job in Sales & Marketing, I worked for an insurance company (I won’t give the name, for obvious reasons). It’s a big company; our humble Abilene, TX office employed 1,300 souls, tidily arranged in two huge cubical farms reminiscent of the movie Office Space on PED’s. Younger me, even fresh out of the Air Force, was unprepared for the frighteningly Byzantine bureaucracy. But most notable was the Klingon-style system of promotion.

There was a presidential election recently, although, you might not have noticed. I’ve always enjoyed election day. For a news junkie like me it’s better than the Super Bowl, Kentucky Derby, and Monte Carlo Grand Prix all rolled into one. I turn my home office into a Command Center. BBC World News, CNN, Fox News, and ‘The Peoples’ MSNBC all running on different screens and TV’s feeding me obscene amounts of election coverage. Watching John King pontificate for hours on Pennsylvania counties which I never heard of and will certainly never visit, or the hand wringing at MSNBC when it looked like President Trump was going to win, or the crestfallen defeat at Fox News when the worm started to turn. It’s all the perfect storm, one that may have an affect on the oil and gas industry.

Last Monday, our own Scott Phipps and Chad Smith with Avisto Capital Partners packed up their golf clubs and headed down to the Club at Sonterra in San Antonio for the Meals on Wheels 2022 Drive to Deliver Gold Tournament. We had the honor and privilege to sponsor the tournament, and we’re thankful for the opportunity to support such a great cause for local seniors.

On Saturday, our PetroLedger Tulsa Team put on their best running shoes and headed to OneOK field for the St. Jude Oklahoma Walk/Run to help fight childhood cancer. Leading up to the event, our team collectively raised $1,855 for the kids of the Children’s Research Hospital.

Without a doubt, there is an art to creating and implementing a positive company culture while growing at an exponential rate. PetroLedger’s values are the foundation of our extraordinary company culture. Over the last nine months, I have seen the incredible work that our financial professionals have performed for our clients, and I am thoroughly impressed by everyone within our organization. PetroLedger has decades of expert oil and gas financial experience, and we provide first class service internally and externally.

Our PetroLedger Dallas Team spent a day last week volunteering with North Texas Food Bank, a local nonprofit hunger relief organization that distributes donated and purchased foods through a network of more than 200 Partner Agencies in 13 counties.

It’s time to begin thinking about 1099’s again, and our gurus at PetroLedger Financial Services have made it easy for you by compiling the resources you need.

Let’s face it: oil and gas accounting can be complex. The right ERP solution can save you a lot of time and money by minimizing errors, streamlining processes, and giving you the reports you need to make solid decisions for your business. But what happens when you outgrow your current software? Managing an ERP data conversion takes extensive knowledge of both industry software platforms and oil and gas accounting.

It’s time to begin thinking about 1099’s again, and our gurus at PetroLedger Financial Services have made it easy for you by compiling the resources you need.

An inaccurate division order can spell a lot of trouble for all parties involved. Mispayments are not always detected expeditiously, and they can often create practical and legal challenges if they are not resolved quickly. However, the unfortunate reality for operators is that, without thorough oversight, inaccuracies are inevitable, especially when you factor in varying division order laws from state to state. These mispayments are usually caused by simple human error: miscalculations, typos, system errors, ownership analysis errors, and so on.

Despite how far the field has advanced into the digital sphere, the Oil and Gas industry is still overrun with legacy software notorious for a lack of transparency. In addition, many companies are still using manual processes such as physical spreadsheets to manage their assets alongside these legacy databases. This lends to control issues, data integrity concerns, and potential legal trouble. Transparency— or the lack thereof— impacts many facets of your business, including your year-end processing. Here are a few of the ways transparency shapes your company functions:

Whether you’re an E&P operator, part of a private equity firm, or a midstream company, you’re probably expected to be GAAP compliant. But fully understanding GAAP procedures can be a tall task— albeit an important one— especially if you don’t handle your own business’s accounting. Not complying with GAAP can lead to severe consequences for your business, so we’ve explained the 10 GAAP principles and what they mean, how these standards apply to your business, and what the requirements are to be GAAP-compliant.

When a company gets into the Exploration and Production business, there are usually several drivers. The potential for massive revenue is chief among them, but do they always think about the costs? Like any business, you don’t get into business to lose money so the costs must be weighed against the benefits. The E&P space is one of the most lucrative choices right now because the most recent price drop has caused more innovation in the market, making it easier to produce more at a lower cost. The costs of producing a well or lease are can be predicted, but what is not always foreseen is the regulation attached to certain lands. There are four types of lessors (mineral owner): Fee (not a government), State, Federal (US), and Tribal (Native American). Each Lessor type has its own set of regulations.

A major accounting process change that has been on the horizon for years is recognizing revenue. The adoption of Accounting Standards Codification, ASC 606, was enacted in 2014 with a deadline of December 21, 2019 for nonpublic entities to come into compliance. Also known as IFRS 15, it is a revenue recognition model designed to increase financial statement comparability among companies. These standards include a particular distinction that applies to imbalanced oil and gas parties. This level of detail is probably not where you want to spend your time in management meetings.