Marginal Well Tax Credit Beginning in Calendar Year 2020
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. […] Read More
Enhancing the R&D Tax Credit would have a positive impact on the Oil and Gas Industry
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 […] Read More
How do Footnotes and Disclosures Expand My Numbers?
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 […] Read More
Guide to Accounting for Hedging Transactions
Where do I account for Hedging Transactions? It's complicated. Read More
Why You Need a Reserve Report
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 […] Read More
E&P Estimating for Accrued Revenue and Related Expenses
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 […] Read More
What's This Asset Retirement Obligation I Keep Hearing About?
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 […] Read More
Get Back in the Game: E&P Financial Reporting
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. Read More
Credit for Production of Natural Gas from Marginal Wells – Why it’s not too late to claim!
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 […] Read More
Hall, Kistler & Company: Oil and Gas Accounting Overview
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 […] Read More
Hall Kistler & Company: Determining Business Valuations
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 […] Read More
Hall Kistler & Company: Oil and gas producers in Ohio after the Utica shale discovery
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 […] Read More