Oil & Gas CPA Services
Navigate the complex financial landscape of the energy industry with specialized accounting services for oil and gas operations.
Specialized Accounting for Oil & Gas
The oil and gas industry has unique accounting requirements including depletion calculations, joint venture accounting, working interest reporting, and complex tax regulations. Our energy-focused CPA services help oil and gas companies manage these complexities while maximizing tax benefits and maintaining investor-ready financial statements.
Common Challenges
- •Complex depletion and depreciation calculations
- •Joint venture and working interest accounting
- •Revenue recognition for production sharing
- •Environmental liability and asset retirement obligations
Our Solutions
- ✓Automated depletion and depreciation calculations
- ✓Joint venture accounting and allocation systems
- ✓Revenue recognition compliance with ASC 606
- ✓Environmental liability assessment and reporting
Comprehensive Services for Oil & Gas
We understand the unique financial needs of the oil & gas industry
Why Oil & Gas Businesses Trust Us
With former IRS management experience and deep industry knowledge, we provide unmatched expertise for oil & gas businesses.
IRS Audit Protection
Former IRS manager knows exactly what auditors look for in oil & gas businesses
Industry-Specific Tax Savings
We know every deduction and credit available to oil & gas businesses
Growth-Focused Strategies
Financial planning designed to scale your oil & gas business
Get Your Free Oil & Gas Tax Analysis
Oil & Gas Industry FAQs
Q:How do you handle depletion accounting for oil and gas properties?
A: We calculate both cost and percentage depletion for each property, ensuring you claim the maximum allowable deduction. Our systems track basis, production, and reserves to accurately compute depletion over the life of each asset.
Q:What are intangible drilling costs and how are they treated?
A: Intangible drilling costs (IDCs) include labor, materials, and services for drilling that have no salvage value. These can typically be expensed immediately, providing significant tax benefits in the drilling year.
Q:How do you handle joint venture accounting?
A: We manage complex joint venture structures, tracking each party's working interest, revenue sharing, and expense allocations. Our systems ensure accurate reporting to all partners and proper tax treatment of distributions.
Q:What Oklahoma-specific tax issues should oil and gas companies know?
A: Oklahoma has specific gross production taxes, ad valorem taxes on oil and gas properties, and unique depletion rules. We ensure compliance with all state requirements while maximizing available incentives and deductions.