Martindale Consultants, Inc The Oil and Gas Consulting Company

I also enjoy working with our clients to ensure that the results match their expectations. No client is quite like the last and it keeps my day-to-day interesting and I look forward to each new challenge. Gas plant processing includes getting the raw gas from the wellhead to the processing plant, removing the waste, separating the natural gas and liquids, and ultimately getting it to the end users. Gas plant accounting uses the tailgate/sales volumes and values to determine how much each producer is entitled to based on the allocated and contractual data. The allocation to each well is based on the volume and physical components at the wellhead. Contractual settlement can vary, depending on the terms of each contract.

• Every month, the system reviews your work and identifies if there are any errors before you print your statements.
• All within a single application, operators can efficiently schedule, track, and settle natural gas, crude, and NGL across processing facilities, field treatment sites, and nomination-driven gathering systems.
• The historical cost principle emphasizes reliability and verifiability in financial reporting.
• Companies in the oil and gas industry need to account for their proven reserves.
• Each gas plant, while having some similarities, has its own unique characteristics.

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

The scalability of PetroLedger’s work allows me to easily tackle all of these variations our clients have in their work. I like to work with our clients and understand their systems so that we can ensure that the settlement process reflects their process. Accurate gas plant accounting starts with a solid understanding of the process – from wellhead to plant tailgate. This can be a complex process, but having a high level of knowledge can create a seamless process. The Federal Energy Regulatory Commission has established regulatory accounting and financial reporting requirements for its jurisdictional entities in the electric, natural gas, and oil pipeline industries. These requirements play a vital role in the Commission’s strategy of setting just and reasonable cost-of-service rates.

Leverage 20+ Years Experience in Midstream Oil and Gas

• For the most part, this was fairly straightforward – especially compared to what I would learn in the years to come.
• PetroLedger provides comprehensive transactional outsourcing to help energy companies get more value out of their back office.
• Every year, processing and gathering facilities lose money with costly accounting mistakes.
• Assets are generally recorded at their original cost, which is the amount paid to acquire them.
• Keep reading to see what makes Melodee a crucial member of our staff and what she enjoys about working with us.
• The scalability of PetroLedger’s work allows me to easily tackle all of these variations our clients have in their work.
• The foundation of the Commission’s accounting program is the Uniform System of Accounts codified in the Commission’s regulations.

In GPIS, users are organized into groups or different “teams” on the network. This system keeps your data safe, makes sure it is accurate, and logs what happens https://x.com/bookstimeinc for security and recovery purposes. If you need a non-standard report, you can create it in Access or Excel. If the information is in the system, you can also generate a related report. Every month, the system reviews your work and identifies if there are any errors before you print your statements.

YOUR Oil & Gas Professionals

The company’s next phase of the project was on the accounting side, and I was asked to assist with the setup desk on a larger plant. I was responsible for setting up new meters and contracts, making contract changes as needed, updating allocations, and working with producers. Periodically, the Commission will issue orders to revise its Uniform System of Accounts and financial reporting requirements through a rulemaking process.

Balance Reports

With W Energy, tailor your reports, adjust financial statements effortlessly as things change, and handle all of it in-house. Adapt to changing business requirements with a flexible configuration, integrating additional assets and key systems in real-time with My Quorum TIPS. Streamline daily and monthly measurement processes while reducing costly data errors with Quorum’s industry-leading FLOWCAL solution. Each gas plant can have similarities, but often each plant will have its own unique characteristics. Reserves are estimated quantities of oil and gas accounting oil and gas that can be economically recovered from known reservoirs under existing economic conditions and operating methods. Companies in the oil and gas industry need to account for their proven reserves.

Shorten close cycles, reduce costs, and maximize production by simplifying complex accounting processes. Streamline settlements and ensure accurate allocations, consistent payments, and precise invoices. Build trust with counterparties and enhance confidence during audits. Regardless of industry, all publicly traded companies in the United States follow accounting principles set forth by U.S. The Financial Accounting Standards Board (FASB) develops and maintains U.S. GAAP, which encompasses a broad set of principles, standards, and guidelines.

ERP Data Conversions For The Oil & Gas Industry

• Directly import field production volumes into accounting with integrated production solutions.
• Different arrangements may impact when and how revenue is recognized.
• Efficiently manage purchase, marketing, and gathering contracts with workflow tools and automated delivery.
• You can also create reports to check the balance of your gathering system.
• Exact accounting data is critical for evaluating project economics, making informed investment decisions, and planning for the future.

Streamline gas scheduling with real-time confirmations for shipper nominations. Exact accounting data is critical for evaluating project economics, making informed investment decisions, and planning for the future. It enables companies to assess project viability, allocate resources efficiently, and make strategic decisions that contribute to long-term success in the industry. Accounting methods and bookkeeping principles should be applied consistently from one period to another.