PASSA Meeting – Tuesday, March 26th

PASSA Meeting
Tuesday, March 26^th
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: Kirk Foreman – 11:00 – 11:50 am

Topic:  Accounting Procedure Comparison

• CPE offered:  1 hour
• Program Level:  Basic
• Prerequisites:  None
• Advanced Preparation:  None
• Field of Study:  Accounting

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

Course Description

Over time the COPAS Model Form Accounting Procedure has varied slightly for specific industry needs or as technology and industry processes have changed.  This project is intended to provide a quick side-by-side reference tool for the various provisions or definitions contained in each vintage of Accounting Procedure.

This will be an Education Committee presentation and discussion regarding the purpose and status of the Accounting Procedure comparison project.  This project, when completed, will be a Training and Reference guide and will be sold by COPAS.

Learning Objectives

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

1. Describe and locate the various provisions in each Model Form Accounting Procedure.
2. Explain how the various provisions have changed over time.

Speaker Bio – Kirk Foreman retired from EOG Resources in April 2021 as Accounting Manger over frac sand purchase and delivery, Lease Accounting, and Lease Operating Expenses for the Eagle Ford San Antonio division.   He has worked in the Oil and Gas Industry for 34 years.  He currently serves as President of the San Antonio COPAS society and serves on the COPAS National board of directors.  Kirk holds a BBA in Accounting from the University of Texas at Arlington and is a Certified Public Accountant.  He currently works as an Oil and Gas accounting/audit consultant.

Speaker 2: Andrew Black – 12:10 – 1:00 pm

Topic:  Hot Topics – Focusing on Sales and Use Tax Issues in the Oil & Gas Industry

• CPE offered:  1 hour
• Program Level:  Basic
• Prerequisites:  None
• Advanced Preparation:  None
• Field of Study:  Sales and use tax

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

Course Description

Discuss oil & gas sales and use tax issues related to the oil & gas industry.

Learning Objectives

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

1. Understand policy/rule changes at TX Comptroller’s office and other jurisdictions.
2. Gain a better understanding of “Problem” sales and use tax transactions in the Oil & Gas Industry such as Compressors, Compressor Fuel, Wastewater Exemption, and Unprocessed vs. Processed Frac Sand.
3. Gain a better understanding of and developments in CCUS.

Speaker Bio – Andrew is a Senior Manager with Advantous Consulting, L.L.C. and assists organizations in the oil and gas, manufacturing, and healthcare industries to navigate the complex state and local tax space. Formerly, Andrew served as a tax accountant for the Chicago Bridge and Iron Company and spent four years as a state and local tax auditor. Andrew also currently serves as the Treasurer and Secretary for the American Petroleum Institute – Houston Chapter. Andrew achieved his Bachelor of Science in Finance and Banking from Sam Houston State University in Huntsville, TX.