Petroleum Accounting: A practical university textbook for oil and gas accounting

Petroleum Accounting is a practical, professional-level textbook for students, accountants, auditors, analysts, and energy professionals who need to understand how oil and gas operations flow into accounting records, financial statements, management reports, and disclosures. Written as both a university textbook and a working reference manual, this book moves beyond surface-level explanations. It connects real petroleum operations to the accounting decisions that professionals face in practice: lease acquisition, exploration and evaluation, successful efforts, full cost accounting, reserves, DD&A, impairment, asset retirement obligations, production revenue, royalties, joint interest accounting, PSCs, midstream and downstream activities, hedging, income taxes, business combinations, disclosures, sustainability metrics, and integrated close processes. The book compares major reporting approaches, including US GAAP and IFRS, and explains where accounting treatments differ, why they differ, and what evidence an accountant needs to support the conclusion. Complex worked examples, journal-entry logic, professional practice cases, end-of-chapter questions, and solutions help readers apply the material rather than simply memorize definitions. Designed for real-world learning, Petroleum Accounting helps readers build the judgment needed to prepare, review, and explain accounting for oil and gas companies across the full industry value chain. Inside, readers will find: • Clear explanations of upstream, midstream, downstream, and trading activities • US GAAP and IFRS comparisons throughout the book • Successful efforts and full cost accounting treatments • Reserve-based DD&A, impairment, ARO, and disclosure examples • Revenue, royalty, production tax, and imbalance accounting • Joint operations, farmouts, conveyances, PSCs, and NOC arrangements • Tax, hedging, consolidation, sustainability, and SEC/IFRS reporting coverage • Professional practice cases and an integrated capstone close package This book is built for readers who want petroleum accounting to feel less abstract and more like the work performed inside an actual energy company.