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North American Petroleum
Accounting Conference
May 14-15, 2015
Dallas, Texas
Westin Galleria
Earn up to 14 Hours of CPE
Keynote Speakers Include:
Bill Charneski of Origin Oil
Greg Zuckerman, author of The Frackers
Randall Luthi of the National Ocean Industries Association
Jeremy Humphers of Devon Energy
energy.pdi.org • 800.433.5676
NAPAC
Reserve Your Seat For NAPAC 2015!
Join us in Dallas on May 14 and 15 for this must-attend event!
The North American Petroleum Accounting Conference features outstanding industry speakers,
current topics and convenient session formats. The annual exhibit – open both days during the
conference – showcases industry vendors who represent a variety of products and services.
Take a few minutes and look over the schedule, then enroll on-line at energy.pdi.org.
You may also use one of several convenient enrollment options found in this brochure.
Schedule
Thursday, May 14, 2015
7:30 a.m.
Registration/Continental Breakfast
8:00 a.m.
Opening Remarks
8:20 a.m.
General Session
The Economic Benefits of Recycling Produced Water
For environmental and economic reasons, recycling of produced and
frac flowback water is a growing trend in the market. The industry
practice of fracking with fresh water and disposing of produced
water in ponds and wells is becoming less tenable as regulatory
issues increase and water treatment technologies become more
effective and less expensive.
Bill Charneski, President-Oil and Gas Division/OriginOil/Houston
Severance tax represents one of the single largest costs incurred
by oil and gas companies. It is often treated as a cost of doing
business; however, understanding the calculation may result in
significant saving opportunities for companies. This presentation
will provide a high-level insight to executives, revenue personnel,
and others desiring to know more about severance tax calculations
and reporting requirements across multiple jurisdictions.
Martin Tschida, State and Local Tax-Manager and Kristen Scherer,
State and Local Tax-Manager/Hein & Associates/Denver and Dallas
9:20-9:30 a.m.
Refreshment Break
Fraud
9:30-10:20 a.m.
Concurrent Sessions
Like-Kind Exchanges
This presentation will review the basics of tax-free like-kind
exchanges as well as advanced techniques with special emphasis
on matters unique to the energy industry. Topics will include sale v.
lease concerns, drop and swaps, recapture problems, the meaning of
“like kind”, multi-party exchanges and QI concerns.
David Wheat, Partner, and Todd Keator, Partner/Thompson &
Knight LLP/Dallas
Accounting and Financial Reporting Update
FASB, SEC and other standard setter pronouncements that impact oil
and gas private or public companies will be discussed.
James Bowie, Sr. Manager/Ernst & Young/New York
The Digital Oilfield
The digital oilfield is the oilfield in which its production and
management activities are informed and optimized through software,
hardware, instrumentation, communications, and technology
services. With the aid of digital oilfield technology, information can
be shared across the enterprise which will increase data accuracy,
promote collaboration, reduce operational risk, improve production
efficiency and investment return, optimize business workflow, assist
leadership in decision-making, and enhance the emergency reaction
capability of the enterprise.
Jim Tallant, President/Exigent Information Solutions/Englewood,
CO
Panel for New Energy Professionals – A Q&A Session
Here’s your opportunity to ask a panel of experts the questions you
have about petroleum accounting, revenue accounting, production
accounting and operations, joint operating agreements, and land.
Jim Hoffman, National Sales Director/Professional Development
Institute (PDI)/Denton; Don Looney, CPA, PDI Instructor/Tulsa; Dick
Moore, Instructor/PDI/Denton; George Harvey, Managing Director/
Upstream Financial Associates/Dallas
10:30-11:20 a.m.
Concurrent Sessions
Severance Tax 101
The presenter will provide a discussion on fraud statistics along with
case studies from his own experiences.
Jeff Matthews, Vice President/Charles River Associates/Dallas
The Geology of Recent Hydrocarbon Plays in the Gulf of
Mexico
This session will discuss how recent hydrocarbon plays in the ultradeep water of the Gulf of Mexico will have an impact on future
production.
Dr. John Wagner, Chief Geologist/Venari Resources/Addison
Natural Gas and NGL Midstream:
Ethane Prices
Problems From Low
Attractive prices for crude oil and NGLs during recent years have
encouraged the development and production of “rich” gas supplies.
The increased gas production stimulated expansion of gas processing
capacity and NGL pipeline and fractionation capacity. First, ethane
prices came under pressure from increased supplies of ethane and
since mid-2014 NGL prices in general have been under pressure from
falling crude oil prices. What problems and perhaps conflicts might
we see arising from these lower prices?
Dick Moore, Instructor/Professional Development Institute/Denton
11:30 a.m.-12:45 p.m.
Luncheon and Presentation
The Frackers - How a Group of Unlikely American Entrepreneurs Transformed
the Country, Upended Geopolitics and Changed the World
Aubrey McClendon, Harold Hamm, Mark Papa, and other wildcatters
were determined to tap massive deposits of oil and gas that Exxon,
Chevron, and other giants dismissed as a waste of time. Gregory
Zuckerman, author of the bestseller The Frackers: The Outrageous
Inside Story of the New Billionaire Wildcatters discusses how
their energy revolution has led to plunging energy prices while
transforming the economy, geopolitics, the environment and more.
He will address why a group of unlikely outsiders brought such a
change and how the energy resurgence will give the U.S. an economic
advantage for years to come.
Gregory Zuckerman, Special Writer, Wall Street Journal/New York
1:00-2:15 p.m.
Concurrent Sessions
Politics, Elections and Tax Policy Observations in the New
Congress
This discussion will examine tax legislative developments in 2015,
including the status of numerous expired tax provisions and the
prospects for tax reform. A look forward to the 2016 elections and
the potential impact on tax policy will also be included.
Jeff Kummer, Director of Tax Policy, Washington National Tax/
Deloitte Tax LLP US/Washington, D.C.
Cyber Security
Cyber security is a constant topic in the media, making it a priority
for boards and operational executives. Companies are spending
more than ever before on the controls to prevent, detect, and respond
to cyber incidents. The number one risk faced by organizations
in cyber security today is overspending on and misallocating of
resources. This presentation will share approaches for evaluating
cyber security programs, not simply through a technical lens, but
also from the perspective of cost effectiveness, business alignment,
and enablement.
Gavin Mead, Managing Director/KPMG/Atlanta
Complexities in Accounting for Property Acquisitions and
Divestitures
Challenges related to property acquisitions and divestitures will be
discussed. Potential issues related to closing statement adjustments
and properly recording the transactions for financial reporting
purposes will be covered.
Claude Seaman, CAO/Continental Resources/Oklahoma City
The COPAS 2005 Accounting Procedure– Ten Years After
COPAS published the 2005 Accounting Procedure ten years ago and
the youngster is just now hitting its stride and getting stronger
as it changes the world of joint interest accounting. Designed to
solve longstanding issues and have an extended life because of its
clear language, focus on function, and adaptability for changing
operations, COPAS’ signature accounting procedure continues to
be the must-use accounting procedure. Come and learn how audit
disputes simply disappear as COPAS 2005 continues to work its
magic.
Mike Cougevan, Senior Consultant/Martindale Consultants, Inc./
Denver
make informed decisions, avoid many of the common problems and
errors, and make accurate charges to your joint interest billings.
Mike Cougevan, Senior Consultant/Martindale Consultants, Inc./
Denver
Unbundling Natural Gas Transportation and Processing
Costs
This presentation will focus on an example case of unbundling the
fee charged by a midstream company to transport and process a
producer’s natural gas production. The methodology to estimate
relative costs of each function performed by the midstream
company, including compression, dehydration and NGL extraction
will be demonstrated including the evaluation of each function
with regard to the marketable condition requirement. Estimating
the fuel consumption for each of the transportation and processing
functions will also be discussed.
Mark Lambert and John Emory, Senior Consultants/Pearson
Watson Millican & Co./Allen
3:55-5:00 p.m.
Concurrent Sessions
High Net Worth Individuals Investing in Oil and Gas
This session will include key tax considerations for high net worth
individuals investing in oil and gas. The application of the at risk and
passive loss rules to limit deductions and losses, the recent addition
of the net investment income tax, and the limitations on intangible
drilling cost (IDC) deductions, including alternative Minimum tax
(AMT) considerations will be discussed.
Amy Sutton, Co-Managing Partner, Passthroughs/Washington
National Tax, Deloitte Tax LLP/Houston
Energy M&A – Taking a Pulse on the Market?
The focus for the energy industry is weathering the storm and
reacting as quickly as possible to the current environment. The
presenters will discuss how the current environment is affecting
mergers, acquisitions and divestitures within the U.S. oil and gas
industry.
Jason Wilcox and Grant Swartzwelder, Founders and Managing
Directors/Wilcox Swartzwelder & Co/Irving
Unclaimed Property and Escheat – The New Frontier
2:15-2:30 p.m.
Refreshment Break
This session will discuss updates to unclaimed property laws, new
trends, and the dramatically increasing cost of noncompliance.
Will King, Associate General Counsel and Project Manager/Keane
Unclaimed Property/Dallas
2:30-3:45 p.m.
Concurrent Sessions
Recent Land Developments
Topics Uniquely Connected to Oil and Gas Tax Treatment
and Timing
This session will provide an overview comparison of how items are
treated depending on if a company is full cost vs. successful efforts
for GAAP. This list of major book/tax differences for an oil and gas
company includes delay rentals, G&G under 167th, work over cost,
intangible drilling cost, and many more.
David Scott, Partner/KPMG/Fort Worth
Impact of Leasing and Revenue Standards on the Oil and
Gas Industry
This session will provide an overview of how the FASB’s final
accounting standard related to revenue from contracts with
customers, and the FASB’s expected accounting standard related to
leases will impact oil and gas producing companies.
Ken Miller, National Office Partner/PwC/Florham Park, NJ
Joint Interest Billings – Common Issues, Problems and
Their Solutions
Joint interest accountants are expected to know if a particular
invoice or type of charge is directly chargeable to the non-operators
or if it is covered by overhead, as well as know how to charge or
allocate the cost. With many different accounting procedures in use
because many agreements date back to the 1950s and earlier, this
expectation can be daunting. Attend this session and learn how to
As the shale boom has expanded into new areas, royalty owners (and
their attorneys) have gotten selective about the leases they sign.
Recent legal decisions, as well as leases drawn up by royalty owners,
have had a significant impact on the industry. This could lead to a
fundamental change in the way land is leased.
Jim Hoffman/National Sales Director, Instructor/Professional
Development Institute/Denton
5:00-6:00 p.m.
Networking Reception
Friday, May 15, 2015
8:30-9:30 a.m.
General Session
9:35-10:35 a.m.
Concurrent Sessions
U.S. Oil and Gas – The View from Offshore via Washington DC
Mr. Luthi will provide an overall view of the U.S. offshore oil and
gas industry including production numbers, energy potentials, and
federal policies. He will also discuss the challenges that offshore
drilling faces.
Randall Luthi, President/National Ocean Industries Assocation/
Washington, D.C.
Tax Planning for Conveyances and Deal Structuring of Oil
and Gas Properties
This presentation will include identifying a sale as compared to a
sublease and distinguishing the different characteristics of each
plus a discussion about the tax consequences of both a sublease and
a sale of oil and gas properties as well as some of the different types
of planning opportunities to afford sale treatment on a disposition.
Patrick Hennessee, Ph.D., CPA and Sean Hennessee, J.D. M.Tax,
MBA/Riseling & Rhodes, P.C./Tulsa
Distressed Asset Deals
This presentation will discuss the potential impacts of the commodity
pricing environment on acquisition and divestiture transactions.
The speaker will share his experience with recent transactions.
Jason Schumacher, Partner/Locke, Lord, Bissell & Liddell LLP/Dallas
Upstream Risk Management and Insurance – An Overview
for Accountants
This presentation will introduce the class to the process of risk
management within the E&P environment. Topics of discussion will
include the concept of risk and the process used to identify, analyze
and manage risk on an ongoing basis. The discussion will also touch
on the major insurance policies and products available to help the
firm with its risk management program. Finally, the presentation
will be summed up with a brief discussion of how the accountant’s
knowledge of risk management can aid in their role pertaining to
corporate governance, compliance and risk disclosure.
George Harvey
Gas Producer and Pipeline Balancing
This session will cover the how and why producer and pipeline
imbalances are created and how to account for them. The discussion
will also cover how to minimize these imbalances.
Don Looney, CPA/Tulsa
10:40-11:40 a.m.
Concurrent Sessions
Sales Tax – Opportunities and Pitfalls in a Down Market
This presentation will help attendees understand what exemptions
are available and how to identify them. You will learn vendors
are not always competent in sales tax applications and may not
be correctly applying exemptions. This course will navigate these
treacherous areas that will positively affect the bottom line.
Mike Goral, Partner-in-Charge, State and Local Tax Services/
Weaver/Dallas
and its workforce is no different. Inherent price volatility often
leads to periods of growth, which require workforce expansion. That
same price volatility equally leads to times in which maximizing
workforce productivity is the greater focus. Additionally, with much
of industry employees at or near retirement eligibility, broad change
in the industry workforce is seemingly imminent. Once constant in
a continually changing workforce is the need for knowledge transfer
and development. Mr. Humphers will share some of the programs
and tactics Devon’s accounting organization uses to continuously
develop its employees’ individual careers and the organization as a
whole.
Jeremy Humphers, Sr. Vice President and CAO/Devon Energy/
Oklahoma City
1:15-2:15 p.m.
Concurrent Sessions
Computing Oil and Gas Tax Depletion Deductions for
Partnerships – A Primer
This session will survey the general rules of computing oil and
gas depletion and study additional basic rules that apply to the
computation of oil and gas depletion by partners who must compute
their oil and gas depletion separately. The presentation will also
address some issues that arise from the intersection of partnership
taxation and oil and gas taxation.
Vance Maultsby, Shareholder/Huselton, Morgan & Maultsby, P.C./
Dallas
Trends in SEC Comment Letters
An analysis of SEC comments letters issued recently to oil and gas
companies will be reviewed.
Jessica Hammons, Partner/Thompson & Knight LLP/Dallas
Upstream Cost Control in a Lower Oil Price Environment
Reduced hydrocarbon commodity prices are forcing discipline into
the spending habits of both producers and suppliers. This session
will include some best practices and procedures for working
successfully within tighter margins.
Chuck Baxter, Global Solutions Principal/Werktek
DD&A and Impairment
This introductory session will provide instruction on how to estimate
depletion and impairment under both the full cost and successful
efforts methods of accounting.
Jordan Whitten, Senior Manager/Hein & Associates/Dallas
Reserves 101
This session will provide an opportunity for an accountant to see
reserves reports through the eyes of an engineer. Discussion of the
various methods used to establish reserves including the science
and economic considerations will be highlighted.
Lance Binder, Executive Vice President/Netherland, Sewell &
Associates, Inc./Dallas
To What Degree is Water an Asset or Liability?
Accounting for water use is the newest national dilemma. What is
the balance when dealing with water conservation, reuse, disposal?
What are the petroleum industry’s responsibilities?
Linda Pavlik, Administrator, Barnett Shale Water Conservation and
Management Commitee/Pavlik and Associates/Fort Worth
Gas Plant Accounting
This presentation will discuss the different types of plant contracts
including a simplified example of gas plant allocations and
accounting.
Don Looney, CPA/Tulsa
11:45 a.m.-1:00 p.m.
Luncheon and Presentation
Developing Tomorrow’s Oil and Gas Leaders
Many aspects of the oil and gas industry are constantly changing
Sponsors
COPAS of Dallas is dedicated to furthering the development
of improved accounting methods. COPAS of Dallas and PDI
provide a professorship at the University of North Texas to
promote oil and gas accounting. COPAS of Dallas also sponsors
annual Education Days to address basic oil and gas operations
and accounting. Education Days, open to member companies,
qualify for CPE. COPAS of Dallas,
P.O. Box 600367, Dallas, TX 75360-0367
The Professional Development Institute of the University of
North Texas is a 501(c)(3), not-for-profit education corporation
that provides versatile training services. PDI is recognized as
one of the world’s largest providers of oil and gas accounting
education and has a large offering of corporate training
options.
2301 Hinkle Dr., Denton, TX 76201. 800.433.5676
FAX 940.565.3362.
energy.pdi.org / email: mcrow@pdi.org
Registration
Registration fee is $475 and includes luncheons and coffee breaks.
Register Online at www.pdi.org. If registering by mail or via fax, please return entire panel to
Professional Development Institute, 2301 Hinkle Drive, Denton, TX 76201. • Phone 940.565.3356 • Fax 940.565.3362
q $475 to attend NAPAC. Total amount enclosed $______________________________________________________________________
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05H17-100
Please indicate which sessions you will be attending
Thursday, May 14
9:30 a.m. - 10:20 a.m.
q Like-Kind Exchanges
q Accounting and Financial Reporting Update
q Digital Oilfield
q Panel for New Professionals
10:30 a.m. - 11:20 a.m.
q Severance Tax 101
qFraud
q Geology Hydrocarbon Plays in the Gulf of Mexico
q Problems From Low Ethane Prices
1:00 p.m. - 2:15 p.m.
q Politics, Elections and Tax Policy
q Cyber Security
q Accounting for Property Acquisitions and Divestitures q COPAS 2005 Accounting Procedure
2:30 p.m. - 3:45 p.m.
q Tax Treatment and Timing
q Impact of Leasing and Revenue Standards
q Joint Interest Billings
q Unbundling Costs
3:55 p.m. - 5:00 p.m.
q High Net Worth Individuals
q Energy M&A
q Unclaimed Property and Escheat
q Recent Land Developments
Friday, May 15
9:35 a.m. - 10:35 a.m.
q Tax Planning for Conveyances
q Distressed Asset Deals
q Upstream Risk Management and Insurance
q Gas Producer and Pipeline Balancing
10:40 a.m. - 11:40 a.m.
q Sales Tax
q Reserves 101
q Water Management Issues
q Gas Plant Accounting
1:15 p.m. - 2:15 p.m.
q Computing Tax Depletion Deductions for Partnerships
q Trends in SEC Comment Letters
q Upstream Cost Control q DD&A and Impairment
Accommodations are not included in your registration fee. For
your convenience, the Westin Galleria is offering a special room
rate of $189 for single/double occupancy. The cut-off date for the
special rate is April 29, 2015. Rooms not reserved by the cut-off date
will then be released to general sale. Reservations will continue
to be accepted subject to availability. The conference rate will be
offered based on availability and is not guaranteed to be offered if
availability of the room block is sold out before the cut-off date. The
Westin Galleria reserves the right to charge a higher rate for rooms
reserved after the cut-off date. To make your reservations, contact
the Westin Galleria at 888.627.8536. Identify the meeting as NAPAC
to receive the reduced rate. The hotel is located at 13340 Dallas
Parkway, Dallas, TX., 75240. Self-parking is complimentary at the
hotel as well as shared parking with the Galleria Mall.
ADA Special Services: Please check here q if you require special
accommodations to fully participate. Attach a written description.
CPE Credit: Up to 14 hours. Dress Code: Business Casual.
Terms and Conditions: Please note that the following apply to all
registrants, whether pre-paid or invoiced. A participant may receive
a full refund by providing to PDI written cancellation 10 or more
business days prior to the starting date of the program. No refunds
will be granted within 10 business days of the starting date of the
program. No refunds will be granted after the start of the program.
Substitutions are accepted at any time up to and including the
starting date of the program. Under special circumstances, PDI
may allow you to transfer your registration. If your registration is
transferred and you later cancel your registration, only 50% of your
registration fee will be refunded.
If the enrollment is not sufficient to warrant holding the program,
PDI reserves the right to cancel. If this situation does occur,
you would receive a full refund (or if you prefer PDI will transfer
your registration to the next offering of the program). PDI is not
responsible for any expenses (such as airline tickets) incurred by
registrant due to cancellation.
Conditions: Always bring a sweater or jacket to ensure comfort.
Smoking is prohibited in the meeting rooms and foyer areas.
2301 Hinkle Drive • Denton, TX 76201
North American Petroleum
Accounting Conference
May 14-15, 2015
Dallas, Texas
Westin Galleria
Earn up to 14 Hours of CPE
energy.pdi.org • 800.433.5676
NAPAC
Nonprofit Organization
U.S. POSTAGE
PAID
Dallas, Texas
Permit No. 3701