Fundamentals of Oil and Gas Accounting (4th Edition) Review
I used a previous version of this text for years and decided to update to the latest. It was a worthwhile investment. If you are thinking of making an investment in upstream energy production or have previous accounting experience and thinking of making a move to energy production this book is a must.
I will also hit a touchy subject in the industry. The industry is largely run by some of the brightest engineers, geologists, and physicists you will ever have the pleasure of meeting. Unfortunately, most of them assume that because of the demanding math background required and their mastery therein that understanding something so 'simple' as accounting or book keeping is beneath them. This book should be required reading for the technical leaders in the industry to understand the far reaching financial implications of decisions - the world does not all reduce to a net present value calculation with a 10% discount rate.
The examples may be over simplified to somebody with accounting expertise, but for those looking to bridge their knowledge to upstream energy produciton the examples do an outstanding job of demonstrating the concepts outlined in the text.
I haven't had any luck locating a solutions manual for the outstanding problem sets at the end of each chapter. I did not work through the problems in this edition, but found the experience very valuable in previous editions. I highly recommend anybody working through this for the first time to invest the effort in the problems, but as of this writing I don't know how you can verify your work.
Fundamentals of Oil and Gas Accounting (4th Edition) Overview
An accounting text specifically for the oil and gas industry, updated to a format ideal for both academic and industrial settings. Updated features include examples and homework problems, a new chapter on financial statement analysis, and a new chapter on pipeline accounting, among other changes. DLC: Petroleum industry and trade--Accounting.
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Customer Reviews
Good Intro to Accounting for Energy Industry - Arel T., Zaidani - OK
I'm using this book for an Energy Accounting course. Though I have not yet finished going through it, so far has been a good source for those who wants to get an early exposure into the accounting side of the energy industry, especially oil and gas. With only basic knowldedge of finacial and managerial accounting that I took a couple of years ago, I find that the text is not too confusing to follow. It may also due to the way the author(s) present the materials as well as the flow of it. It also provides plenty of examples. Overall, it's a pretty neat text.
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