Understanding the Intricacies of Joint Interest Billing in Oil and Gas Accounting
JIB is a vital part of oil and gas accounting, dealing with the distribution and billing of shared operational costs among multiple stakeholders in a project. It’s crucial for efficient financial management within the oil and gas sector, especially when it comes to joint ventures. In this article, we’ll delve into the concept, challenges and digital transformation of JIB in oil and gas accounting.
Decoding Your Oil and Gas Revenue: Payment Month vs. Production Month
Nothing compares to the thrill of receiving your first check from an oil well. However, this excitement can quickly turn into frustration as you realize that non-operated interests are declining assets, and most new wells today are drilled horizontally.
Maximizing Returns: How to Decode 1099s for Mineral and Royalty Owners
Death and taxes, the only certain things in life. No truer phrase exists. As an owner of non-operated interest in oil and gas there are a lot of complexities that exist in filing taxes.
From Turkeys to Trusts: A Thanksgiving Guide to Family Estate Planning
Thanksgiving was always a memorable time in my family. Scattered across the country, it was a time in which we could all get together to celebrate the end of the season and spend time in each other’s presence without any distractions. We also saw it as a time for the family to sit together and […]