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Accounting Schedules

You have a lot of different accounting statements and schedules to keep track of your wells, revenues, expenses, assets, and liabilities. You can access these statements at any time to help you figure out your next set of decisions.

  1. Balance Sheet: Shows your assets, liabilities, and retained earnings of the current OF Day.
  2. Income Statement: Shows your profitability for the last 12 OF Days.
  3. Cash Flow: Shows your cash inflows and outflows of the current OF Day.
  4. Provincial Production: Shows the revenue, expenses, and profits for the current OF Day.
  5. Provincial Well Accounting: Shows your amortization and environmental liabilities for each well.
  6. Provincial CCA: Shows the CCA and CCE of the current OF Day.
  7. Provincial Losses: Shows the status of all losses that can be applied against corporate taxes.
  8. Income Schedule: Shows a summary of all income in the previous 12 OF Days.
  9. Interest Rate Apportioning: Shows how interest loan payments are apportioned between the provinces.
  10. Retained Earnings: Shows your retained earnings of the previous 12 OF Days.
  11. Public Purchase: If you win a public auction, this schedule shows the accounting details for your purpose.
  12. Private Purchase: If you win an auction to buy a second-hand well from another financier, this schedule shows the accounting details for that purchase.
  13. Private Sale: If you sell a well to another financier, this shows the accounting details for that purchase.

You can also access the balance sheet and income statement of any of your competitors to study how well they are performing.

If you really want to understand how these schedules work, you should probably take a first-year accounting course. But even if you don't have this accounting knowledge, you should be able to find all the information elsewhere to make good petroleum economics decisions.

© 2014 Dave Volek. All Rights Reserved.