1 / 11

Council of Petroleum Accountants Societies

Explore the latest financial management updates, data mining techniques, and future strategies impacting adjustment reporting in petroleum accounting. Learn about federal gas pricing edits, inspection fees, and efforts to improve ONRR data accuracy. Gain insights into enforcement actions, precision risk-based approaches, compliance reviews, and audits. Stay informed on current focus areas like agreement reporting, volume discrepancies, net negatives, and trending data mining statistics. Discover the importance of adjustment monitoring teams and the implementation of new edits and dashboards to enhance financial management practices.

mollyrivera
Download Presentation

Council of Petroleum Accountants Societies

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Council of Petroleum Accountants Societies Denver, Colorado April 18, 2012

  2. Financial Management • Updates • Data Mining • Future

  3. Financial Management Updates • Edits • Affect on adjustment reporting • Federal Gas Pricing edit • Paper • Reporting • Checks • Negative 2014’s • Inspection Fees

  4. OGORS 2014S ONRR DATA ACCURACY EFFORTS Timeline Up-Front System Edits 1 Month 6-9 Months 2-3 Years 7 Years (Fed. oil & gas) Data Mining Missing Reports, Volume Comparisons, LVS/GVS, High Level Analyses of Sales Values, Royalty Values, Adjustments, etc. Enforcement Actions Enforcement Actions Precision Risk-based Approach Risk-based Approach Compliance Reviews Precision Enforcement Actions EnforcementActions Audits

  5. Data Mining • Current Focus • Agreement reporting • Missing reports • High Volume discrepancies • Net negatives • Same volume, value, Btu • Trending

  6. Data Mining • Statistics • Volume comparison team • $347,000 in FY 2010 • $2,900,000 in FY 2011 • $6,800,000 in FY 2012 (through 3/31/12) • Many amended 2014’s • Office of Enforcement involvement in future

  7. Data Mining • Adjustment Monitoring Team • $.5 million FY 2010 • $2.1 million FY 2011 • $1.1 million FY 2012 (through 3/31/12) • Numerous cases closed for valid adjustments • Started to look at net negatives • $200,000 in collections to date (through 03/31/12) • Just started to look at repetitive reporting

  8. Data MiningImplementation Work Group • New edits (September 2012 estimate) • OINX - Do not allow allowances in index zone • Flag $/MMBtu values which significantly differ from the corresponding index zone price • OGOR inventory • Misreporting of DWRR Codes on OGOR

  9. Data MiningImplementation Work Group • New Data Mining dashboards • Reporting anomalies. • Approvals for venting and flaring. • Duplicate adjustments • Chronic over sufficient royalty estimates and other misreporting. • Net negatives across royalty equation • Overlapping agreements including the % of overlap • Repetitive reporting • Reported royalties later reversed to zero • Adjustments after closed audit periods

  10. Future • Pricing • Data Mining • Edits

  11. Financial Management • Questions?

More Related