Accounting Solutions For Oil & Gas Professionals. P2’s accounting solutions help upstream oil and gas companies achieve greater value from increasingly complex assets. Our solutions are tailored to your company’s size, location, and business needs. Whether you’re a small startup, a large super major, or of any size in between, P2 can put the right tools in your hands to tackle evolving industry challenges. Are you located in the United States, Canada, or operating on a global scale? We have your business covered.

Revenue Accounting

Upstream oil and gas organizations must meticulously record, track, distribute, and report sales of oil, gas, and other products. Accurate and timely oil and gas revenue accounting requires tracking complex contracts and owner lease agreements, and is made increasingly difficult by new challenges such as horizontal drilling. P2 supports the needs of oil and gas revenue accounting by providing the flexibility to track multiple ownership arrangements on a single division of interest.

Joint Venture Accounting

Oil and gas joint venture accounting requires accurate allocation of costs to owners, creation of JIB accounting transactions, and creation of JIB invoices. Ever changing ownership related to unleased mineral interests and increased drilling activities have created complexity for the oil and gas accounting function. With P2’s joint venture accounting solutions, companies are able to make the ownership adjustments necessary to effectively manage and report changes to their joint venture partners.

Fractional Ownership Management

Oil and gas firms must be confident in accounting for suspended revenues and expenses, and reporting and payment of unclaimed property. Fractional ownership management has grown more complex with increased scrutiny from regulatory agencies. P2 solutions meet the oil and gas accounting organization’s need to effectively track and report critical individual ownership information.

Capital Expenditure Management

Upstream oil and gas producers are experiencing a dramatic increase in drilling. This requires additional focus from oil and gas operators to control capital expenditures. The rapid pace of drilling activities makes timely reports and analyses essential to controlling costs. AFE management plays a critical role in controlling risk and containing of expenditures. P2’s AFE workflow application aids in tracking the AFE approval process and provides reports and dashboards to compare budget versus actual charges as they are incurred.

Financial & Regulatory Reporting

Oil and gas executives require the flexibility to examine and dissect financial and accounting information for financial statements and to meet regulatory reporting requirements. The ability to evaluate key performance measures and investigate exceptions is fundamental in providing the accurate and timely delivery of the required reports. By providing thorough and comprehensive analysis of specified oil and gas financial and accounting information, our customers can prevent the need for restatement and avoid unnecessary penalties. P2 provides essential information through detailed reports, dashboards, and business intelligence, empowering you to report, analyze business performance, and meet regulatory requirements.

Fixed Asset Accounting

Oil and gas enterprises continue to place increased importance on tracking fixed assets. The success of drilling operations requires increased scrutiny on availability and delivery of pipe and equipment to drill sites. The ability to track deliveries and transfer material is crucial to maintaining drilling operations and cost containment. The current expansion provides challenges for oil and gas operators in accounting for yard and warehouse inventory, well inventory, and property plant and equipment. P2 solutions provide the ability to track material transfers between wells and partners, yard, and warehouse inventory. An additional benefit of the solution is the ability to calculate DD&A automatically within the application.