PASSA Meeting – May 21, 2024

PASSA Meeting

Tuesday, May 21st
11:00 am – 1:00 pm (lunch provided-free)

San Antonio Petroleum Club
Sign-in Begins at 10:30 am

Guests are welcome:  lunch fee is $25

Speaker 1: Dan Hodgson – 11:00 – 11:50 am

Topic:  An Examination of Prior Period Adjustments (PPAs)

CPE offered:  1 hour
Program Level:  Basic to Intermediate
Prerequisites:  None
Advanced Preparation:  None
Delivery Method:  Group Live
Field of Study:  Specialized Knowledge

NASBA Sponsor Council of Petroleum Accountants Societies, Inc. (COPAS) PO Box 21272, Wichita, KS 67208

Course Description

The course will provide an overview of revenue prior period adjustments.  It will include what causes them, how they impact Midstream and Upstream, and tips on how to prevent them.

Learning Objectives

By the end of this presentation, you will be able to:

1. Understand some of the causes of PPAs.
2. Review the impact on Midstream and Upstream.
3. Discuss how to prevent PPAs.
4. Discussion and Q&A covering PPAs and general midstream concerns.

Speaker Bio – Education

• BBA Accounting – University of Houston.
• MS Accountancy – University of Clear Lake.

Certifications

• CPA – Certified Public Accountant – Texas.
• APA® – Accredited Petroleum Accountant – COPAS.

COPAS

• Recent Chair of Midstream/Downstream Sub-Committee.
• Current San Antonio Society Vice President and Chair of the Revenue Committee.
• Recent Vice-Chair of the Board of Examiners for the APA® – Accredited Petroleum Accountant Program.

Experience

• 30+ years of experience in the oil and Gas Midstream.
• Currently an Auditor with Revenew International, LLC.

Speaker 2: Dean Foreman – 12:10 – 1:00 pm

Topic:  Texas Oil & Gas Association (TXOGA) Economics and Energy Outlook

CPE offered:  1 hour
Program Level:  Basic
Prerequisites:  None
Advanced Preparation:  None
Delivery Method:  Group Live
Field of Study:  General

NASBA Sponsor Council of Petroleum Accountants Societies, Inc. (COPAS) PO Box 21272, Wichita, KS 67208

Course Description

This course provides an in-depth analysis of the economic outlook for the energy sector, with a specific focus on the oil and natural gas markets. The presentation will cover global, U.S., and Texas economies, examining GDP projections, business conditions, and the impact of interest rates. It will also delve into the dynamics of the global oil market and natural gas markets, highlighting demand, production, and consumption trends. The course will assess the implications of these factors on pricing, supply, and strategic investment decisions within the industry.

Learning Objectives

By the end of the presentation, the attendees will be better equipped to:

1. Understand the current economic indicators and projections for global, U.S., and Texas economies and their impact on the energy sector: Attendees will gain insights into GDP growth rates, business conditions conducive to economic growth, and the implications of rising interest rate obligations on energy firms.
2. Analyze trends in the oil and natural gas markets and their economic implications: Participants will learn about the record highs in global demand and production, the role of Texas in the U.S. energy supply, and the strategic shifts in global energy investments towards oil and natural gas compared to renewables.

Speaker Bio – Dr. Dean Foreman is the Chief Economist for the Texas Oil & Gas Association. With over two decades of specialized experience in the oil and gas sector, his expertise spans global and domestic policy analysis, strategic communications, planning, and forecasting, underpinned by a distinguished academic foundation from the University of Florida.

Foreman’s professional experience includes pivotal roles at the American Petroleum Institute, ExxonMobil, Talisman Energy, and Saudi Aramco, where he led market analysis, economic research, and risk management initiatives critical to shaping industry planning, influencing regulation, and supporting multibillion-dollar investments.

His work is instrumental in driving key analyses that not only guide strategic industry decisions but also play a crucial role in the development of legislation and rulemaking. Foreman’s extensive experience and leadership in the energy sector highlight his significant contributions to advancing economic strategies and risk management practices that have a profound impact on the industry’s growth and sustainability.