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Accounting Outsourcing for Upstream Oil and Gas Companies

 

EEPB Enersource Outsourcing

  • Our outsourcing manages your oil and gas company’s accounting functions so your team can focus on the value-creating tasks of finding, producing and selling oil and gas reserves.
  • Our outsourcing emphasizes customer service and endeavors to return all customer calls within 24 hours.
  • Our outsourcing uses P2 Excalibur, a widely-used oil and gas accounting software.  Excalibur allows multiple reporting options and integrates with other industry software programs.
  • Our outsourcing has been providing outsourcing services to upstream oil and gas companies for 20 years and currently provides outsourcing for 19 companies.

 

Outsourcing Services

  • Revenue Accounting and Joint Interest Billing
    We maintain your DOI and NRI decks and make timely and accurate interest-owner distributions for the sale of oil and gas products and for joint interest owner costs and mail all applicable checks and invoices to the appropriate entities and manage the JIB accounts receivable. 
  • Accounts Payable
    We process all of your accounts payable, property costs and general and administrative costs, and ensure that the related invoices are entered accurately and timely paid so your valuable vendor relationships are maintained.  You approve the disbursements and we print and mail the checks.  Payroll is typically processed by a payroll outsourcing firm.
  • Acquisition/Divestiture
    We set up all necessary information related to acquisitions and account for any divestitures to ensure a seamless transition for both buyer and seller.
  • Financial and Operational Reporting
    We provide varied financial reports ranging from a cash-basis trial balance to audit-ready, GAAP-based financial statements.  We provide typical oil and gas upstream management reports, on a net and 8/8ths basis, such as LOS, AFE, Payout reports by well field, state, etc. and also design custom reports requested by management for budgeting, analysis and board meetings.
  • Regulatory Reporting
    We ensure compliance with the complex and time-consuming local, state and federal taxes, royalty and 1099 reporting associated with your operations, including severance tax reporting.
  • Audit Support Services
    We interact with the independent CPAs to ensure that any audit, review or compilation services and tax compliance are conducted effectively and efficiently and with minimum involvement from management.
  • System Conversions
    We specialize in conversions to Excalibur so your history is integrated seamlessly into our system.

 

Outsourcing Fees

  • Our outsourcing fees are tailored to fit a specific client’s needs and are structured to allow for easy and predictable budgeting
  • Fees are billed monthly and due upon receipt
  • Engagements are typically twelve months with a three-month termination notice

 

Outsourcing Benefits

  • Availability and consistency of qualified accounting personnel with specific industry experience
  • More time available to executive team for dedication to core business issues and industry changes
  • Software scalability for quick and easy business expansion or contraction
  • Lowers costs related to office space, furniture and capital equipment
  • Access to up-to-date, high-quality oil and gas accounting technology via P2 Excalibur software and secure backups of your data on our network
  • Access to experienced oil and gas CPAs for advice and assistance on resolution of technical accounting issues.

 

EEPB Enersource - A Division of EEPB, PC