Oil & Gas Industry CPE Courses

Oil & Gas Accounting Learning Path.

Build foundational competency in oil and gas accounting with a structured learning path. Master critical industry pillars: global market drivers, the legal structures of surface vs. mineral rights, operational and environmental risks, and the baseline concepts behind Asset Retirement Obligations (ARO) and tax depletion methods.

CPE From World-Class Experts.

LumiQ brings you exclusive insights from the world's top business minds. From Fortune 500 CEOs to Big Four partners to bestselling authors, our guests share in-depth lessons you won't find anywhere else. Every episode is produced with studio-quality sound and sharp insight that turns complex ideas into memorable lessons.

FAQs About Oil & Gas CPE.

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Are the oil and gas CPE courses designed specifically for CPAs and finance professionals?

Yes. These courses are designed for CPAs and finance professionals working in or serving the oil and gas industry. Content is focused on oil and gas accounting, financial reporting, and tax considerations specific to exploration, production, and energy companies.

What topics are typically covered in oil and gas accounting CPE courses?

Oil and gas CPE courses commonly cover topics such as:

The full cost method and successful efforts method of oil and gas accounting
Exploration costs and capitalization decisions
Depletion, depreciation, and amortization (DD&A) for oil and gas properties
Reserve reporting and SEC disclosure requirements
Joint interest accounting and working interest arrangements
Revenue accounting for oil, natural gas, and NGLs
Severance taxes and production taxes
Financial reporting for oil and gas companies under U.S. GAAP
Tax considerations specific to the oil and gas industry

What is the difference between full cost method and the successful efforts method?

These are the two primary methods of accounting for oil and gas exploration and development costs:

The full cost method capitalizes all exploration and development costs into a single cost pool, regardless of whether the activity results in a productive well. Costs are then depleted based on total proved reserves.
The successful efforts method capitalizes only those costs directly associated with successful exploration activities that result in proved reserves. Costs related to dry holes and unsuccessful exploration are expensed as incurred.

The choice of method can have a significant impact on reported earnings and asset values, and both methods are permitted under U.S. GAAP. Understanding the differences is a core competency for CPAs serving oil and gas clients.

What is joint interest accounting in the oil and gas industry?

Joint interest accounting refers to the accounting processes used to track and allocate costs and revenues among the multiple parties who share ownership in an oil and gas property. In a typical working interest arrangement, one party acts as the operator and is responsible for billing non-operating partners for their proportionate share of exploration, development, and production costs. Joint interest billings (JIBs) are a central document in oil and gas accounting and are subject to audit by non-operators.

What are severance taxes and how are they treated in oil and gas accounting?

Severance taxes, also known as production taxes, are levied by state governments on the extraction of oil, natural gas, and other natural resources from within their borders. The tax is typically calculated as a percentage of the value or volume of production. In oil and gas accounting, severance taxes are generally treated as a production cost and are included in the calculation of operating expenses. Understanding state-specific severance tax rules is important for CPAs advising clients with operations in multiple producing states.

Are there prerequisites to taking oil and gas CPE courses?

There are no formal prerequisites. However, some advanced topics, such as reserve reporting under SEC rules, complex joint interest accounting, or oil and gas tax planning, may assume familiarity with general accounting, taxation, or finance concepts.

Why are podcasts becoming a more popular choice than webinars for oil and gas CPE?

Podcasts can deliver superior learning outcomes compared to live webinars and recorded webcasts. Audio-only formats reduce cognitive overload and "Zoom fatigue," allowing your brain to retain information better. Additionally, unlike live or in-person options, you can pause and replay complex oil and gas accounting concepts as needed for comprehension.

Podcasts also fit your schedule and your life better. Unlike live webinars with fixed start times, podcasts let you earn CPE during your commute, between clients, or whenever works best.

In short, you get the same credit hours with better retention and zero scheduling conflicts.

How many CPE credits or hours can I earn from an oil and gas CPE course?

CPE credits vary by course. Typically they range from 1 to 2 hours per podcast and 3 to 9 hours for our in-depth, multi-episode learning paths. Each course listing clearly displays the credits you'll earn upon completion. All credits are earned once you complete the podcast episode in full and pass the final assessment.

Are LumiQ oil and gas courses accepted by all state boards of accountancy?

LumiQ is registered with the National Association of State Boards of Accountancy (NASBA) as a CPE sponsor (Sponsor ID: 146039). Courses offered by NASBA-registered sponsors are commonly used by CPAs to fulfill continuing education requirements, subject to each state board’s specific CPE requirements.

LumiQ's QAS self-study oil and gas courses are classified under NASBA's Specialized Knowledge field of study and provide CPE credit hours upon completion. Your certificate of completion documents the course, field of study, and credit hours earned.

Because CPE requirements and acceptance ultimately vary by state and by licensee circumstances, CPAs are responsible for confirming that a specific course meets their state board's renewal requirements.

Does Lumiq help me track CPE credits?

Yes. With a LumiQ account you have access to the CPE Tracker. LumiQ Tracker automatically tracks the CPE you earn with LumiQ. Certificates of completion can be downloaded at any time.

Can I do CPE on mobile devices?

Yes, we’ve got an app for both Apple and Android devices. Click here to go to the Google Play Store and click here to go to the Apple App Store.

Do you offer a free trial?

Yes! Sign up for a free trial today and get 3 NASBA-approved CPE credits, no credit card required. To purchase a full subscription, visit our pricing page. If you work for a company with a team of CPAs, or others who may be interested, contact us for team pricing options.

Oil & Gas CPE You Can Listen to Anywhere, Anytime.

Oil & Gas CPE Courses for the Real World.

US Oil & Gas Accounting Part 1

Deepwater Horizon: How BP’s Org Structure Led to Disaster

Oil & Gas Episode #4: Exploring AROs and PP&E

Oil & Gas Taxation for Beginners

Oil & Gas Episode #5: U.S. Taxation Complexities

US Oil & Gas Accounting Part 2

Introduction to Derivatives and Hedging under ASC 815

Engineering Smarter Commodity Hedging Strategies

A Practical Guide to ESG Materiality Assessments

Oil & Gas Accounting Learning Path.

Learning Path

Oil & Gas

5 Episodes

CPE From World-Class Experts.

Dr. Lance Mortlock

Meghan Frank

Doug Conant

Exceptional CPE sounds different.

FAQs About Oil & Gas CPE.

Modern finance and accounting
pros use LumiQ, why don't you?

Oil & Gas CPE You Can Listen to Anywhere, Anytime.

Oil & Gas CPE Courses for the Real World.

US Oil & Gas Accounting Part 1

Deepwater Horizon: How BP’s Org Structure Led to Disaster

Oil & Gas Episode #4: Exploring AROs and PP&E

Oil & Gas Taxation for Beginners

Oil & Gas Episode #5: U.S. Taxation Complexities

US Oil & Gas Accounting Part 2

Introduction to Derivatives and Hedging under ASC 815

Engineering Smarter Commodity Hedging Strategies

A Practical Guide to ESG Materiality Assessments

Oil & Gas Accounting Learning Path.

Learning Path

Oil & Gas

5 Episodes

CPE From World-Class Experts.

Dr. Lance Mortlock

Meghan Frank

Doug Conant

Exceptional CPE sounds different.

FAQs About Oil & Gas CPE.

Modern finance and accountingpros use LumiQ, why don't you?

Modern finance and accounting
pros use LumiQ, why don't you?