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: [email protected] 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 $______________________________________________________________________ Paying by: q Check (payable to PDI) or q VISA q MasterCard q American Express q Discover Card #__________________________________________________________________________________________________________________ Card ID/Card Validation # (the Card ID or CVC is a 3-digit code found on the back of your credit card. American Express is a 4-digit code on the front.)_________________________________________________________________________________________________________ Expiration Date__________________________________________________________________________________________________________ Signature_______________________________________________________________________________________________________________ Name __________________________________________________________________________________________________________________ Title____________________________________________________________________________________________________________________ Company Name_________________________________________________________________________________________________________ Address_________________________________________________________________________________________________________________ City / State / Zip_________________________________________________________________________________________________________ Phone___________________________________________________________________________________________________________________ E-mail__________________________________________________________________________________________________________________ 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
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