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Oil & Gas Industry Edition

Provides information on basic operations and common terminology. Includes reference to royalty owners and an introduction to financial products.

TABLE OF CONTENTS

  • Index to Exhibits vii
  • Foreword ix
  • Chapter 1 Oil and Gas Industry Overview 1-1
    • General Description of the Industry 1-2
    • Mineral Interests . 1-2
    • Acquisition Through Mineral Lease 1-2
    • Acquisition in Fee 1-3
    • Property Overview 1-7
    • Types of Ownership Interest 1-8
    • Tract or Parcel 1-8
    • Separate Deposits 1-8
    • Unitization 1-8
    • Accounting Methods 1-9
    • Successful Efforts Method 1-9
    • Full Cost Method 1-11
    • Accounting Records 1-12
  • Chapter 2 Oil and Gas Industry Issues
    • Issues Related to an Oil and Gas Entity and Activity
    • Overview 2-1
    • Unproductive Issues 2-1
    • Productive Issues 2-1
    • Unique Issues 2-2
    • Uniform Capitalization Rules 2-4
    • Assistance in IRC Section 263A 2-5
    • General Issues [Non-Oil and Gas] 2-5
  • Chapter 3 Oil and Gas Audit Techniques
    • Examination of an Oil and Gas Entity and Activity 3-1
    • Engineering Referral 3-1
    • Initial Interview Questions 3-2
    • Initial Information Document Request 3-3
    • Accounting Methods 3-4
    • Property Definition 3-5
    • Unitization 3-7
    • Areas Typical of an Oil And Gas Entity 3-8
    • Gross Income 3-8
    • Lease Bonus 3-10
    • Delay Rentals 3-11
    • Royalty Income 3-11
    • Advance Royalties 3-11
    • Minimum Royalties 3-12
    • Shut in Royalties 3-12
    • Production Payments 3-12
    • Damages 3-13
    • Shooting Rights 3-13
    • Uniform Capitalization Rules -
    • IRC section 263A 3-16
    • Produced Property 3-16
    • Predevelopment Expenses 3-17
    • Interest Capitalization 3-18
    • Allocation of Indirect Expenses 3-18
    • Conclusion 3-19
    • Auditing Techniques 3-19
    • Leasehold Cost 3-20
    • Geological and Geophysical Costs 3-22
    • Abandonment Cost 3-25
    • Audit Techniques 3-27
    • Lease Operating Expense 3-30
    • Bad Debts (Joint Interest Owners) 3-32
    • Intangible Drilling Cost 3-34
    • Audit Techniques 3-37
    • Lease and Well Equipment 3-39
    • Depletion 3-40
    • Economic Interest 3-41
    • Cost Depletion 3-41
    • Units Sold 3-42
    • Adjusted Basis of Property 3-42
    • Cost Depletion on Wildcat Acreage 3-43
    • Percentage Depletion 3-44
    • Independent Producer 3-44
    • Transfers of Proven Properties 3-44
    • Gross Income from the Property 3-45
    • Net Income of the Property 3-47
    • Expenses of the Property 3-49
    • Overhead Allocation 3-49
    • Audit Techniques 3-50
    • Information Required to Compute
    • Depletion Allowance 3-50
    • Alternative Minimum Tax 3-52
    • Percentage Depletion 3-52
    • Intangible Drilling Costs 3-52
    • Alternative Tax Energy Preference Deduction 3-53
    • Qualified Exploratory Costs 3-53
    • Marginal Production 3-54
    • Phase Out of the Deduction 3-55
    • Audit Techniques 3-55
    • Alternative Tax Energy Preference Deduction 3-57
    • Self-Employment Income 3-57
    • Passive Activity Loss Limitations 3-58
    • Oil and Gas Activities 3-59
    • Portfolio Income 3-59
  • Chapter 4 Financial Products Potential Area of Concern Related to Oil and Gas 4-1
    • Energy Markets and the Participants 4-1
    • Cash Market 4-1
    • Forward Market 4-5
    • Futures Market 4-5
    • Options Contracts 4-8
    • Market Participants in Forward and
    • Futures Contracts 4-11
    • Commodity Notional Contracts 4-13
    • Commodity Notional Swap 4-13
    • Use of Commodity Notional Swap to Hedge Risk 4-13
  • Glossary G-1
    • Technical References
    • General Counsel Memorandums (GCM) and
    • Court Cases TR-1
    • Revenue Rulings TR-2
    • Assignments, Sales and Exchanges TR-2
    • Capital Expenditures TR-2
    • Definition of Property TR-4
    • Cost Depletion TR-4
    • Depletion, Gross Income, Net Income TR-4
    • Percentage Depletion TR-6
    • Geological and Geophysical Costs TR-6
    • Intangible Drilling and Development Cost TR-6
    • Nonconventional Fuel Credit TR-7
    • Nonrecourse Loan TR-7
    • Partnerships TR-8
    • Sharing Arrangements TR-8
    • Miscellaneous TR-8

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