Oil and Gas
Most energy related concerns understand that the accounting techniques utilized in the oil, gas, pipeline, and mining industries tend toward the arcane. The staff at Clay Thomas, P.C. has the experience and the knowledge to assist energy-related organizations in the areas of exploration and production, refining and marketing, oil field service, transportation, and storage sectors of the industry.
Clay Thomas, P.C. provides services to the specific needs of the industry, including:
- Accounting for Exploration Costs
- Accounting for Joint Operations
- Oil, Gas and NGL Sales
- Production Costs
- Oil and Gas Reserves
- Asset Retirement Obligations and Conveyances
- Partnership Interest and International Operations
- Derivatives and Hedge Accounting
- Income, Excise, Sales, and International Taxation
We offer our clients a benefit that most firm do not. Our staff understands the oil and gas industry and are uniquely capable in all petroleum matters relating to accounting and finance. We also understand the drilling and exploration process. Whether the issue is revenue recognition, reserves accounting, impairments, suspended wells, or FAS 109 issues regarding accounting for income taxes, we can provide guidance on the matter.
The necessity for current information cannot be overstated. Our clients expect to be kept abreast of the most recent current events within the industry. Most professionals in the oil and gas industry realize that the rig count indicates the willingness of producers to assume risk. As a service to our clients, we offer the current Rotary Rig Count for North America and the Gulf of Mexico and other publications we deem appropriate within our website for their use.