Tulsa, OK
To be Announced
Time:
8:00 a.m. - 5:00 p.m.
each day
Fees*: $875
per person.
Early online registration 14 days prior to
program start date:
$825 per person.
Call for group rates.
*Subject to change for future programs.
Oil
and Gas Taxation
Co-sponsored by the TU College of Law
Recommended
CPE Credits: 16
OK Bar Association: 17.5 CLE Credits
Texas Bar: 16 CLE Credits
Texas State Board of Accountancy: Sponsor #009418
Small to mid-size independent petroleum producers or mega oil and gas corporations- they all need to understand the bottom line tax implications of exploration and drilling projects. This intense, two-day course is ideal for fiscal analysts, accountants, finance directors, attorneys, tax professionals and even investors. Participants learn practical solutions to complicated oil and gas tax issues and strategies for dealing more effectively with the various operating entities.
The curriculum includes study of tax-related topics, including:
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Property Acquisitions |
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Search for Oil and Gas - Geological and Geophysical Costs |
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Development of Oil and Gas Properties |
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Depletion of Oil and Gas Properties |
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Conveyances, Deal Structuring and Financing Issues |
Course Objectives for Oil and Gas Taxation:
Participants will be able to:
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Identify the operating functions of an oil and gas exploration and production company and use industry terminology appropriately.
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Classify various oil and gas related expenditures as (1) acquisition costs, (2) geological and geophysical expenditures, (3) intangible drilling and development costs and (4) lease operating expenses and describe the tax consequences of each.
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Demonstrate how to make the election to expense intangible drilling and development costs on a tax return.
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Compute cost depletion and percentage depletion and limitations percentage depletion.
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Recognize and distinguish subleases and sales of oil and gas properties and compute the tax consequences of both.
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Distinguish a taxfree sharing arrangement from taxable transfer of oil and gas properties.
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Test their knowledge of each of the above course objectives with class exercises.
CLICK HERE for a detailed list of topics covered
Who should attend: Internal corporate and external accountants, CPAs, analysts, auditors and attorneys working with oil and gas companies will benefit from this basic oil and gas taxation course.
Instructor
Dr. Pat Hennessee, retired professor of
accounting at the University of Tulsa, continues to be a recognized
expert on oil and gas taxation and spends a good deal of his time
consulting with companies on oil and gas tax issues and teaching two and
three day seminars on oil and gas taxation and partnerships. He
continues to research on oil and gas tax as editor of CCH's Oil and
Gas: Federal Income Taxation. Pat has taught professional
development seminars for accountants, CPAs and attorneys across the US
and Canada.
As a professor of accounting at TU for more than 30 years, Pat spearheaded the conversion of the Master of Taxation to an online degree program, fully accredited by the AACSB, the premier accrediting association. He was twice named the Outstanding Educator in Oklahoma.
He is a member of the American Institute of CPAs, the Oklahoma Society of CPAs and serves as trustee of the OSCPA Educational Foundation.