Oil & Gas Accounting - Seminar 2 - Depletion and Impairment: Full Cost and Successful Efforts

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In our second Oil and Gas Accounting Seminar we are focusing on depletion and impairment for both full cost and successful efforts. We go through all the nuances of each method as well as go over several examples with journal entries. Additionally, we go over barrel of oil equivalent (BOE) conversion for gas and equal unit calculations.

Stay tuned for Asset Retirement Obligation in our next video.

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0:00 Intro
2:20 Full Cost Depletion
11:35 Units Conversion Example
15:30 FC Dep. Cont.
21:00 FC Dep. Example
25:40 FC Ceiling Impairment
31:25 FC Ceiling w/ tax Example
33:00 FC Ceiling Other
37:05 FC Ceiling Example 2
40:40 Successful Efforts Depletion
51:30 SE Dep Example
58:00 SE Impairment
1:03:45 SE Imp. Examples
1:08:40 Unevaluated Impairment
1:12:10 Une. Imp. Example