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Fundamentals of Oil & Gas Accounting, 6th Edition


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Product Description


by Charlotte J. Wright

Professor Charlotte Wright updates her indispensable accounting book for the oil and gas industry in this revised and expanded sixth edition. The past several years have seen significant changes in the accounting and disclosure rules for the industry. While the book has thorough updates throughout, there are new industry issues specifically addressed from the accounting perspective.

Some of the significant updates and new material include:

  • Discussion of the significance of shale and unconventional production as it relates to accounting principles
  • New definitions of reserves from the Securities and Exchange Commission, and the impact on accounting processes
  • All citations and references align with the updated authoritative literature from the Financial Accounting Standards Board
  • A new chapter discussing specific issues previously unaddressed regarding property valuation in the industry
  • New, and updated, end-of-chapter problems

Table of Contents:

  1. Upstream Oil and Gas Operations
  2. Introduction to Oil and Gas Accounting
  3. Oil and Gas Reserves 
  4. Nondrilling Exploration Costs—Successful Efforts
  5. Acquisition Cost of Unproved Property—Successful Efforts
  6. Drilling and Development Costs—Successful Efforts
  7. Proved Property Cost Disposition—Successful Efforts
  8. Full Cost Accounting
  9. Production Activities and Project Analysis
  10. Asset Retirement and Environmental Obligations
  11. Impairment and Disposal of Long-Lived Assets
  12. Accounting for Revenue from Oil and Gas Sales
  13. Basic Oil and Gas Tax Accounting
  14. Joint Interest Accounting
  15. Conveyances
  16. Oil and Gas Disclosures
  17. Analysis of Oil and Gas Companies’ Financial Statements
  18. Accounting for International Petroleum Operations  

806 Pages/Hardcover/7x10/November 2016
ISBN10 1-59370-363-5

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