This includes sessions from the conference: AICPA/PDI Oil and Gas Conference 2018
This session will give an overview of the market-relevant political and geopolitical outlook for 2019 rooted in the dominant trends of 2018 as well as our long-term structural trends. The focus will be on US policy after the midterms, the trade war with China, Trump's foreign policy toward Iran, North Korea, and Russia, and the macroeconomic context and consequences.
• Gain insight into contemporary global political, macroeconomic, and military events and the cyclical and secular trends leading into next year that will affect global markets
• Gain insight into geopolitical methodology as an analytical toolSpeaker(s):
The Trump Administration has shown a penchant for effectively rolling back regulation that has stymied economic opportunity. The effect has been particularly pronounced for the oil and natural gas industry which was a specific target of the Obama Administration. With the first step being rolling back significant regulatory overreach, Western Energy Alliance is now focused on enacting long-term regulatory reform that will survive the political winds. This session will also address the effect the upcoming elections will have on the energy dominance agenda.
• Attendees will leave this session with knowledge of important regulations that affect the industry, particularly in the western states
• Gain an understanding of how the political and regulatory climate could affect the oil & gas business for the next few yearsSpeaker(s):
Join this session to learn how several important provisions of the Tax Cuts and Jobs Act applies to natural resource related activities.
Attendees will gain and understanding of:
• Section 163(j) ATI adjustments, including interest/depreciation/depletion included in COGS, and various partnership cost elections for mine exploration, oil and gas depletion, and section 59(e) items.
• FDII – computations for exported minerals including oil and gas and products therefrom
• Sequestration on AMT refunds - OMB
• Section 199A qualified income
• MLP’s conversion to corporation by FERC regulated entities
• Tariffs and other international issues
• State income taxes become more prominent
• Hedging issuesSpeaker(s):
This session will focus on current oil field vendor/contractor fraud schemes, trends and risks. We will discuss examples of common fraud scenarios and how they were ultimately detected. We will then address methods and internal control procedures to prevent and detect vendor/contractor fraud.
• Understand vendor fraud risks faced by companies
• Consider the internal controls that could address these risks
• Name some common fraud schemesSpeaker(s):
This session includes an overview of selected Accounting Standards Updates (ASUs) issued during the period, as well as current trends and hot-topics we have been seeing in the market.
• Provide attendees with an overview of new standards; and
• Provide an update on current trends and hot-topicsSpeaker(s):
This session will provide an overview of the lessons learned through the implementation and adoption of the new revenue recognition standard in the energy industry.
• Provide an overview of complex technical accounting considerations for upstream and midstream companies
• Develop an understanding of common energy implementation challenges
• Discuss current SEC revenue recognition comment letter trendsSpeaker(s):
This session will focus on the key trends impacting Procurement and Supply Chain Organizations today and the impacts that digital is having and will continue to have in the future.
• Understand the key focus areas of Supply Chain and Procurement Leadership in today's environment
• Develop a deeper understanding of current Procurement and Supply Chain technology and how it is being applied
• Understand the impacts of digital (e.g., Blockchain, Machine Learning, RPA) on Procurement and Supply Chain functions and how they are being considered in the current environmentSpeaker(s):
This session will provide an update to the current accounting and regulatory issues relevant to the oil and gas industry from the perspective an Associate Chief Accountant at the SEC within the Office of the Chief Accountant. Accounting issues associated with implementation of new standards and recent GAAP interpretations will be discussed. Recent regulatory activities involving Commission rules and enforcement actions will also be discussed.
• Participants will be informed on current accounting issues that are relevant to the oil and gas industry from a regulatory perspective in order to better manage their financial reporting and disclosure risks
• Inform participants on current regulatory matters to assist companies in providing transparent disclosures to investorsSpeaker(s):
The most important innovation of the 21st century is not Facebook. It's fracking" This session will explore the technological advances enabled the shale revolution, and a number of the more recent innovations that have improved the economics and reduced the impact of oil and gas operations in North America.
• Understand the technological changes that enabled the shale revolution
• Learn about new innovations that are enabling the industry to thrive in a different commodity price environment and to do so while continuing to reduce its social and environmental impact
• Learn about the role hydraulic fracturing plays in our energy futureSpeaker(s):
Join this session to learn about Information Technology considerations to help you prepare your company for ASC Topic 842 – Lease Accounting. Opportune will cover best practices for adoption of Topic 842 and how your company’s technology decisions can be affected by common industry issues and the various transition approaches to adoption.
• Discuss key considerations to minimize unnecessary implementation-related efforts and common pitfalls to avoid
• Gain insights into Opportune’ s Topic 842 technology solution and what questions to ask potential software vendors to avoid unnecessary implementation costsSpeaker(s):