Presentation on theme: "COPAS Update “Tell me something good!”"— Presentation transcript:
1COPAS Update “Tell me something good!” Petroleum Accountants Society of New OrleansJanuary 15, 2014Tom Wierman, Executive Director
2COPAS Update – Highlights Membership is up 12%!Expanding emphasis on CPE at COPAS meetingsAPA® Program undergoing a complete reviewPMTA dissolution and COPAS’ responsePublications process & greater transparencyNew publications approved – Fall 2013Continuing efforts to author new publications, refresh prior publications
3COPAS Update – Highlights Company support initiative taking rootMentoring program underwayWorking on rolling out a pre-packaged CPE presentationCOPAS MPACTACCOUNTS, COPAS EXTRA!, CommunicationSocial Media impactVolunteer Thank You Notes/Press Releases
4COPAS Update – Highlights New CEPS Support ProviderNew Process for Publications “CD”Freshen COPAS image through trade show booth, giveaways, materials and displayOffice Supply Member Discount Program has been steadyMore Member Benefits are about to be launched
10COPAS Update – CPE Initiatives Inaugural Education Day event in San AntonioFour Hours CPE - Reasonably priced
11COPAS Update – CPE Initiatives April 23 – Glendale (Spring 2014)“Contracts, Contracts, Contracts”We certainly can’t live without them, so let’s learn to better live with them!Pre-Drilling AgreementsThe Oil and Gas LeaseJOA Provisions and ExhibitsJOA Pitfalls and problem areas
12COPAS Update – CPE Initiatives Initiative to increase CPE opportunitiesNASBA DiscussionWork with Committee Chairs on agendasPublish meeting agendas with CPE hours
13COPAS Update – CPE Initiatives Pre-packaged CPEQualifying presentationLeader guideDiscussion questionsAvailable to ‘fill in’ forno-show presentersBeta Test – EducationCommittee (Fall 2013)
15COPAS Update – APA® Program 200 APA®s – are YOU next?Expanding Testing Locations and OptionsTesting in COPAS office, Company Locations, and at COPAS meetingsContinue to find ways to promote our certification program – social media among the possibilitiesCredentialing conference attendanceBOE is working to increase test questions coverageInvestigating Review Program
16COPAS Update – APA® Program Initiating a program reviewJob Analysis Request for ProposalLiterature ReviewData GatheringFramework/Tasks & KnowledgeFocus GroupsContent, Format, LayoutPretest/Pilot with SMEsSurveysData Analysis
17COPAS Update – APA® Program Job Analysis vendor selection by end of JanuaryStay TunedNot anticipating sweeping changes in the very near future, changes will take several months
19COPAS Update – Vehicle Rates PMTA RatesTrusted economic factorReliability lead to processchange in data trackingFewer responses receivedDeclining MembershipPMTA DissolutionCOPAS Accounting Procedurerequires equivalent rateCOPAS’ response
20COPAS Update – Vehicle Rates What will happen for 2014?Control panel or subcommittee will provide an Economic FactorRates published on the COPAS websiteCompanies will always have the option to calculate and charge a rate commensurate with:Actual cost (up to the commercial rate limit) orRate that represents average commercial rates in the area less 20%.Obtain MFI-55 for more informationSee Economic Factors Page
21COPAS Update – Vehicle Rates COPAS model form Accounting Procedures allow use of PMTA rates as an option to bill costs of operator-owned vehicles. The PMTA organization disbanded effective January 1, 2014, and advised COPAS that it would no longer publish rates after the 2013 rates. As such, COPAS devised and approved an equitable alternative similar to the previously published PMTA rates.To manage consistency with other COPAS economic factors, COPAS, upon annual Council approval, will begin publishing automotive rates effective April 1, The annual rates will be provided at no charge. For January through March 2014, COPAS recommends operators using PMTA rates continue to use the 2013 PMTA rates. For convenience, the 2013 PMTA rates are reprinted here, with permission.For a complete discussion, please refer to COPAS MFI 55.
22COPAS Update – Economic Factors Annual Overhead AdjustmentAnnual Employee Benefits Rate Upper LimitAnnual Audit Per Diem RateAnnual Workers Compensation Insurance Manual RatesAnnual Loading & Unloading RatesAnnual Used Equipment Percentages
24Types of COPAS Publication Types MF Model Forms MajorityMFM Model Form Modifications MajorityMFI Model Form Interpretation 2/3AG Accounting Guidelines MajorityTR Training & Reference BoardWe have KNOWLEDGEABLE members in what COPAS documents say, but the average person can’t quote ‘chapter and verse.’
28COPAS Update – New Publications MFI-54 Well Containment Service Provider CostsNew safety requirements for deepwater drillingOperators must prove access to one of the two well containment organizationsAddresses cost allocation of ownership, member fees and penaltiesAddresses cost allocation of containment system operating costs
29COPAS Update – New Publications AG-29 Allocation of Shared Well Pad CostsNew requirements for ‘super’ pads to reduce environmental impact create many previously unencountered cost allocation issuesHow to allocate costs among all the wells to be drilled on a padHow to allocate costs to modify an existing pad to accommodate more wellsWhat costs are to be shared vs paid for by new or existing wellsHow to allocate costs of new or replacement equipment at a central battery
30COPAS Update – New Publications MFI-35 Chargeability of Training Costs to the Joint AccountUpdate to the 1997 editionTo include chargeability of contractor trainingA table listing chargeable vs. non-chargeable trainingExpands discussion on training for non-field employeesResolve issues on new types of training (such as behavior-based)
31COPAS Update – New Publications MFI-38 Material Pricing ManualCurrent MFI-38 not changing, however expanding to include all materials-related documents.Comprehensive manual for understanding material transfers, condition percentages, transfer pricing, taxes, loading/unloading costs, etc.Consolidate the numerous materials-related publications into a comprehensive manualResolve new issues such as critical spares, different pricing mechanisms, premium pricing, etc.
32COPAS Update – New Publications MFI-xx Chargeability of Rig-Related Costs (Replacement for AG-25)New requirements and costs for deepwater rigs create clarification of costs which may be billed to non-operatorsWill address chargeability issues so the existing AG-25 will be rolled into this document and the publication reclassified to an MFIHow to allocate costs for rig moves, rig modifications, and dead timeHow to allocate costs of construction oversight, commissioning, and mobilizationHow to allocate costs when a rig is shared or loaned to another operation
33COPAS Update – New Publications TR-XX Gas Processing Agreements OverviewAn overview of Gas Processing Agreements for newer professionals and those without exposure or experience with natural gas production, transportation and processing it into residue gas and plant products.The guide will help users better understand terms and provisions in processing agreements, the reasons for certain provisions, and the implications for producers and processors of the different ways agreements can be structured.
34COPAS Update – Other Activity TR-9 Education GuideSeverance Tax Guide, Royalty Incentive GuideChange in Survey Methodology for the Employee Benefits SurveyComputerized Equipment Pricing System – encourage greater participation so pricing information is representativeJust made changes to how the COPAS Publications CD (now ePublications) is distributed
36COPAS Update Possible Future Projects Water as a “Material?”Production WaterFresh WaterRecyclingOwnership – who owns it?A waste product or not?Compensation – who gets paid for it?Court CasesAudit Rights/Protocol
37COPAS Update - Future Projects Where do we find project opportunities?Emerging Issues SubcommitteesAudit & Revenue Standing CommitteesIndustry DemandIndustry Trends
38COPAS Update – Project Status Track Project Status:On the WebsiteIn each ACCOUNTS
39COPAS Update – Project Teams Have some energy around participating in one of these current (or future) project teams?Call Tom Wierman (316)Attend a COPAS meeting and volunteerTouch base with a society committee chair
41COPAS Update – MAP Marketing Advisory Program Market COPAS to Industry LeadersImprove our communication on value of membershipIncrease company supportIncrease human resource efforts for COPAS projects
43COPAS Update – Company Support The COPAS Vision:THE source of business and accounting solutions for the energy industry.
44COPAS Update – Company Support C – Cost Effective O – One of a Kind P – Participation A – Accreditation S – SourceC- Cost Effective – through COPAS MPACT and other educational initiatives, COPAS provides cost-effective workshops and seminars. Taught by highly qualified industry professionals, you can go to them, they can come to you, AND they can custom-tailor classes to meet your specific needsO One of a Kind – we are the only organization that provides practical industry accounting guidance. Uniquely qualified individuals that benefit the company and the industry.P Participation – we are a professional, volunteer organization, dedicated and passionate about our service to the industry for more than 50 years. Through participation not only does the individual benefit but the company and industry do as well.A Accreditation as an Accredited Petroleum Accountant®, one who has the training and knowledge to fulfill your accounting needsS Source: COPAS is THE source of business and accounting solutions in the energy industry.
45COPAS Update – Company Support THE source of business and accounting solutions for the energy industry. S – Sharing O – Opportunity U – United R – Return on Investment C – Continuing Education E – ExpertiseSharing – sharing ideas to solve industry accounting issues or providing leadership skills to lead committees, project teams or the organizationOpportunity - education, networking, project and team participation, mentoring, personal development (leadership, mentoring, presentation, teamwork, speaking)Unification - through collaboration, there is much more to be gained through collective and collaborative effort than individually, stronger as oneReturn on Investment – always trying to give more than you take, active participation in COPAS pays substantial benefits (mentoring, developing knowledge and skills, and networking with industry experts). You never know where these investments will pay back in multiples.Continuing Education – a typical COPAS meeting is ripe with hours of CPE opportunity. There aren’t too many places you can CPE for a low rate. Receive cost-effective training through speakers, seminars, workshops and education days. Through COPAS, you are connectedExpertise: Networking with our industry's most knowledgeable experts in COPAS is a huge benefit. You don't have to know all the answers; you know experts through your network who do! When I was in industry I knew I could pick up the phone and talk through an issue with colleagues from another company, compare ideas or simply ask ‘how are you guys handling this?’ Reciprocity as well.
46COPAS Update – Company Support COPAS Mission: COPAS provides expertise for the Oil and Gas Industry through the development of Model Form Accounting Procedures, Publications, and Education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.
47COPAS Update – Company Support Strategic Planning - Core ValuesIntegrity Ethics NetworkingExchange Collaboration MentorDedication Educate/Train TeamworkInnovation Responsive RespectIntellectual Honesty Credibility
48COPAS Update – Company Support Elevator SpeechFor more than 50 years, COPAS has established itself as the respected and go-to source of business and accounting solutions in the energy industry. It publishes documents that are incorporated into contracts and issues industry-accepted guidelines used by revenue and expense accountants, auditors and managers in their daily job.
49COPAS Update – Company Support Volunteer RecognitionCompany thank you notes/lettersPress ReleasesFace to Face appreciation
50COPAS Update – Company Support COPAS benefitsYOUYOUR COMPANYTHE INDUSTRY
53COPAS Update - Mentoring Changes in Demographics prompts us to be looking for our next leadersSuccession planning is part of our goalsSteady supply of new professionals entering the Oil and Gas IndustryNeed to connect the knowledge of the ‘old’ with the inexperience of the ‘new’Lack of a centralized mechanism to do so
54COPAS Update - Mentoring Mentoring Program GoalsBetter connect newer members to what COPAS is and what we doMost of us would say we had an early mentor that made a differenceOpportunity to repayCreate new project team and committee volunteers
55COPAS Update - Mentoring Mentoring Program GoalsBuild knowledge and skills, expand and leverage networksEncourage future leadershipFor some mentors, rejuvenate interest in resuming COPAS activitiesPut into action something we’ve discussed doing for some time now
56COPAS Update - Mentoring What will I need to make this successful?YOU!
58COPAS Update – COPAS MPACT COPAS MPACT Energy EducationVenture began in 2010 and has grown yearlyStandard Joint Interest and Revenue CoursesLevel 2 Joint Interest and Revenue CoursesOperations for the Oil and Gas AccountantSpecialized training related to Farm-out, Casing Point, Carried Interests
59COPAS Update – COPAS MPACT COPAS MPACT Energy EducationGas Balancing2005 Accounting ProcedureNew classes added to 2014 Schedule – send a note to to get on a notification list
60COPAS Update – COPAS MPACT Knowing Your COPAS Documents assimilated into COPAS MPACTDeveloping additional coursesSome possible self-study coursesPossibly some courses using different delivery platformsCustomized classes for employers OR society needsOpen to ideas or suggestions of course material for any length of time
62COPAS Update – Communication ACCOUNTSWinter issue mailed in early DecemberFeature Articles onCoil TubingThoughts about when a family mightneed a CFOTexas UL submissionRegular featuresNew advertising opportunitiesNEXT DEADLINE IS JANUARY 24
63COPAS Update – Communication COPAS EXTRA!The less formal publicationUsed to distribute information in a more timely manner than the formal print magazineSome information on the ‘lighter side’Will be working on another issue soon
64COPAS Update – Communication Developed a newsletter directed to society leadershipAn opportunity for me and my staff to communicate with society leaders about important events, information we need to collect, procedures, reminders, etc.From the Field Reports – what are other societies doing for service projects, fun activities, membership enhancement, etc.
65COPAS Update – Social Media Challenges Social media will be a tool we use to get the message outWe don’t communicate the same way todayLearning styles are differentPoints of reference are different
70COPAS Update – CD Rom Important Changes Coming Downloadable electronic Zip FileSame functionalityReceive & pay invoiceReceive link & download/extract filesEnterprise licensees will continue to receive a CD.
73COPAS Update – CEPS Process CEPS Subscriber Changes comingRenewals being sent out nowNew technical support providerNo substantive changes, just how we manage the access to the product
74COPAS Update – What’s New? Office Supply Discount ProgramAnyone in the organization can use this programMust present a program card at time of purchaseRetail store or online purchasing optionsDiscounts good on paper, inks & toners, office supplies, cleaning supplies, break room items, printing, binding and finishingCOPAS does acquire some nominal benefits too
77COPAS Update – What’s New? Member ServicesCar Rentals – group ratesAnyone in the organization can use these discountsGroup numbers have been published in COPAS EXTRA! and ACCOUNTSMore details at member benefits link under Quick Links section
78COPAS Update – What’s New? Member Services Shortly you’ll hear about additional member benefit offeringsIt “pays” to be a member
80COPAS Update - WebsiteThere are many, many resources on the website for you to considerMember DirectoryEconomic Factors, ‘Calculators,’ and ToolsDiscussion ForumAccess to electronic issues of ACCOUNTS, EXTRA! and CommunicationFollow the progress of draft publications, project calendarRegister for meetingsMember benefit summary
82COPAS Industry Liaisons Current RelationshipsNARO is one of our new liaison relationship as is the EITI. Longtime COPAS members are representing our interests in these two groups.We ask for reports at Council about what these organizations are doing so more of the membership is aware of the importance of the relationship.
83COPAS Update – Exposure Increasing Presence at Industry Events & Society MeetingsNAPACSociety Education DaysNatural Gas Conference (Pennsylvania)PDI Royalty Accounting ConferenceOklahoma State Oil & Gas Accounting ConferenceAICPA Oil & Gas Accounting ConferenceFederal & Indian Compliance WorkshopOklahoma Society of CPAsAnywhere we think we can have an impact
84COPAS Update – Exposure 2012 – 2013 Society VisitsKansas – September 11 Dallas – February 14Colorado – September 12 New Mexico – February 21Anchorage – November 7 Wichita Falls – March 14Tulsa – November 13 San Juan Basin – March 19Canada– November 21 Michigan – April 18Permian Basin – November 27 Rocky Mountain – May 15Abilene – January 9 Oklahoma City – May 21San Antonio – January 15 Mississippi – May 29Corpus Christi – January 22
85COPAS Update – Exposure Society VisitsFort Worth – September 9Houston– November 21New Orleans – January 15California – February 19Tulsa – March 11Michigan – April 17
86Upcoming MeetingsWinter 2014 Audit, Joint Interest and Emerging Issues Committee MeetingIntercontinental AirportThursday, January 309 a.m. to 4 p.m.Registration open$90 registration feeAgenda on the home page
87Upcoming Meetings Spring, 2014 Glendale, Arizona Renaissance Glendale April
91Future Meeting Locations Ark-La-Tex and HoustonApril, 2017ColoradoOctober, 2017
92COPAS Update – What’s New? Call us if we can help:(303) or877-99COPAS ( )Register for an eventProcess an order for youAssist you with your member access on the websiteHelp you change contact information
93COPAS Update – What’s New? We work for youTom Cheri Anita
94So how can you ‘collect’ on your New Orleans society membership? You’re probably already ‘collecting’ byAttending society meetingsUsing COPAS products such as Economic FactorsAttend committee meetings whenever possible, learn the issues, and participateTake advantage of the CPE and Training opportunities – inexpensively pricedMeet people – expand your knowledge networkStudy COPAS documents for your focus area
95So how can you ‘collect’ on your New Orleans society membership? Use other tools available on the COPAS websiteUse ACCOUNTS, COPAS EXTRA!Attend COPAS meetingsVolunteer for somethingrecruit a new memberhelp at Education Daysuggest a speaker or topic of interest to present at society or committee meetingsbe an active committee memberserve in a leadership role