Oil & Gas

In Notice 2021-34, the IRS has released the reference price and credit amount for the production of natural gas from marginal wells. For tax years beginning in the calendar year 2020, the marginal well tax credit is $0.66 per Mcf. […]

The recent pandemic has further impacted the Oil and Gas Industry on top of already struggling prices. While reading a recent article from Forbes – “The Next Relief Bill – Congress Eyes R&D Tax Credit” I was reminded of the […]

One significant but often overlooked part of GAAP-compliant financial statements are the footnotes and disclosures that accompany the numbers. It’s easy to ignore these when you are in a rush to “see how the year went” and “see how much […]

Where do I account for Hedging Transactions? It's complicated.

By Andy Griffin, CPA, Supervisor and Keith A. Arner, CPA, CVA, Partner“Do I really need to spend money to have an engineer prepare a reserve report for me?” As an oil and gas producer, you may have asked this question […]

By Andy Griffin, CPA, Supervisor and Keith A. Arner, CPA, CVA, Partner  In the world of oil and gas, we know that production cash receipts and income tend to lag a month or two (or sometimes three) behind when the […]

By Andy Griffin, CPA, Supervisor and Keith A. Arner, CPA, CVA, Partner As we’ve described previously, one of the components of “getting back in the game” for small independent E&P companies is producing financial statements that are compliant with Generally Accepted Accounting […]

Financial statements are often required for E&P companies to obtain financing or enter into credit facilities. This blog post is the first in a series to identify common reporting questions for oil & gas accounting.

This past fall Notice 2017-51 was issued by the IRS to provide guidance on the marginal well production credit. The notice computed the credit amount for calendar year 2016 at $0.14 per mcf as well as provided guidance on claiming […]

By Andy Griffin, CPA, Supervisor Recently Mike Eberhart (also of Hall Kistler) and I were asked to present a webinar entitled “Overview of Oil and Gas Accounting.” The webinar was part of a series of oil and gas webinars sponsored […]

By Seth Turner, CVA, Supervisor At Hall Kistler & Company, we understand that valuing a business is part art and part science. Creativity, knowledge and experience are combined to derive business valuations. A lot of information is available, but how […]

Insights from Hall Kistler & Company: What has happened to the legacy oil and gas producers in Ohio after the Utica shale discovery? By Mike Eberhart, CPA, CVA, Senior Partner I lead the Oil and Gas team at Hall, Kistler […]