Production accounting sets the groundwork for precise oil and gas accounting, which provides the foundation for all areas of Federal Reporting, including Royalty Reporting. The allocations that Creel prepares assist with the booking of revenue, distributing JOA costs properly and providing the correct zone for each well—which helps to minimize PHA and DOA fees. Our mission is to reduce your liabilities by accurately reporting your production and sales utilizing Excel to create workbooks that are unique to your inventory of properties. Our practices include:
- Coordination with field personnel to acquire theoretical volumes
- Review of platform schematics
- Review well test data
- Regular communication with the operations group to properly allocate sales and production by well, lease and/or unit
Our analysis includes a complete review of production handling, commingling and lease agreements. This allows us to properly capture and allocate production at each facility. From this analysis, as well as our developing relationship with our clients’ engineering, accounting and marketing groups, we are able to offer a variety of data. Our production workbooks aid in telling a story of the oil and gas from the well head to the sales meter. The production is allocated on a well, lease and/or unit basis depending on the contract. This allows the production data to be fed into the Federal Oil and Gas Operations Report (OGOR) and then uploaded to the Office of Natural Resources Revenue (ONRR) website. Currently, the ONRR has over sixty different disposition codes. It is our objective to ensure our clients’ allocations are prepared accurately and reported to the correct codes. These services alone save clients valuable time and money.