VideoproFile.net | smart video network

oil and gas

  • 301 Moved Permanently

  • EnerplatPro for Energy Technology Ventures

    EnerplatPro for Energy Technology Ventures

    Technology is becoming the backbone of the oil and gas industry, says Geoffroy Paixach, Founder and President of EnerplatPro (www.enerplatpro.com). 

    EnerplatPro is an independent service company in the Upstream Oil and Gas segment. Its new partnership program leverages a worldwide network of independent industry consultants and technology companies. The overall objective is to simultaneously propose effective route to market for the technology startups while creating a gateway to innovation for the large service companies and operators. 

    Startups Lead Energy Technology Ventures

    Nobody can ignore the contribution of technology in recent developments:

    • unconventionals
    • deep off-shore
    • mature field development
    • enhanced oil recovery

    These technologies are not only coming from the big players, but there is a global trend where an ever growing number of small, medium-sized companies, even startups, are bringing innovation.

    EnerplatPro Clears Obstacles to Innovation

    The challenge of technology companies is the cost, and the time it takes to bring to market their products and services. End users have the difficulty to identify, assess, and deploy these new technologies. 

    Matchmaker for Energy Technology Ventures

    We connect innovative technologies with energy end users. We have developed a platform that enables end users to post a request for a specific technology. This request is then matched to potential technologies.

    Why EnerplatPro

    EnerPlatPro is more than a platform. It’s a global network of technical associates, with extensive oil and gas experience. We are independent. We will treat your request confidentially, and we are cost effective.

    EnerPlatPro is connecting innovative technology to the oil and gas industry.

    To get started, you can register online or contact one of our many associates and start the conversation. 

  • Ethanol and Gas Prices

    Ethanol Mandate and Gas Prices | Conversations with T. Boone Pickens

    Brian Bradshaw:

    Hi. I'm Brian Bradshaw. I'm here with Boone Pickens. Part of ongoing series where we talk about current issues in the energy markets. Boone, thank you for being with us.

    What's happened within the ethanol laws in this country?

    T Boone Pickens:

    A law passed and it was poorly written. Never did we imagine at the time the ethanol law came into being that we were gonna have our oil and gas industry develop all of the oil and gas that they have in the United States. It's that simple.

    If you're gonna use ethanol, it should never gone above 10%. But you had gasoline demand go down and you’re continuing to raise the overall blend of ethanol into the gasoline fuel.

    But this law came into being because of the EPA. Once again, you don't have an overall somebody that's responsible for energy policy in the United States. One agency after another put things in and consequently, it doesn't work.

    Brian Bradshaw:

    Yeah, that's a great example because you've got on one hand this ethanol law where you're requiring an amount of an ethanol be blended in. On the other hand you got cafe standards which have actually been effective at reducing our overall gasoline demand. Well those two things, when they happen at the same time, lead you to real world impact to consumers at home if this doesn't get fixed.

    T Boone Pickens:

    If it ain't fixed, you're gonna see 50 cents a gallon increase in the price of gasoline.

    Brian Bradshaw:

    So this is a great example like you said of piecemeal legislation, of different parts of government handling different pieces of the energy legislation.

    T Boone Pickens:

    Yeah, if you want a real quick fix, it would be if the government said, "Okay, take out the gasoline. Take out the ethanol and switch everything over to natural gas." It would be 30% cleaner and it would be half the price. Would that be a good fix? It would be that day.

    Brian Bradshaw:

    Well, so the ethanol law, the ethanol RIN credits, it's a law that has to get fixed. There is proposed legislation out there to fix it, but it's only a one year patch. I mean you need to permanently fix this law. And there's ways to do that and, and it should be easy to do, but I guess in Washington nothing is ever easy.

    T Boone Pickens:

    Nothing is ever easy in Washington.

    Brian Bradshaw:

    Well, thank you very much for your time. We appreciate it.

    Thank you for listening.

    As always, feel free to post your questions and comments below.

    Thank you.

     

  • Government needs to be in on the renaissance

    Government needs to be in on the renaissance | Conversations with T. Boone Pickens

    (video transcript)

    Brian Bradshaw

    So with all this success that the US industry have had in creating this renaissance, what do you see is the role of government as we go forward?

    Mr. Pickens

    Be careful. (Chuckles). Be careful. But government needs to understand what has happened. They need to be in on the renaissance not just uh, sitting on the sideline watching what happens. We still need an energy plan in America. We're the only country in the world without an energy plan. 

    Now, we become or getting ready to be the most important energy user and producer in the world. You need to have a plan. Uh, I'm not even sure in government who is responsible for energy.

    Brian Bradshaw

    ... it sounds like the best thing they can do is just stay out of the way, because in a lot of cases, they can make more problems than they solve.

    Mr. Pickens 

    ...one good thing the government did for us were cafe standards that uh, that, that has helped. We get greater mileage out of the... Out of the cars that we're buying and all. That's good. And as when you're here with oil prices, compared to the rest of the world we're 10, 15% cheaper than the rest of the world.

    ... So you're 75  to 50% cheaper for a natural gas. And gasoline is a good I think, when done it's about half the price of the rest of the world...

    ...I did give them credit for cafe standards but I, I'd scratch my head where I could give them credit for anything else. But, if you go back and look... Go back to the Arab embargo…

  • industrial

    Industrial videos is a listing of business videos about the energy industries, oil and gas, products or services produced in warehouses or in use on construction sites or commercial application such as custom carrying cases, industrial shipping containers and specialty metals companies.

    Video proFile® page is a profile for each video. Using analytic tools, we optimize its title, description and tags to match your video message to relevant search keywords and phrases, and submit them to Google, Bing and Yahoo for indexing.

  • Is It Time to Update Our Energy Policies?

     

    Is It Time to Update Our Energy Policies? | Conversations with T. Boone Pickens

     

    Brian Bradshaw: 

    Hi. I'm Brian Bradshaw. I'm here with Boone Pickens, part of an ongoing series talking about current energy policy issues in the country. Boone, thank you for being with us.


    Why It’s Illegal to Export Oil

    Today, something that we're reading more and more about, that's becoming a front page news issue is this idea of oil export out of this country. I think a lot of people don't understand the fact that it's actually illegal to export oil from this country. Is that correct?

    T. Boone Pickens:           

    Against the law, yes. That was a law that was developed after the Arab embargo in '73, and should be looked at. There are other laws that were developed at that time, because it panicked all of us here at the United States. The gasoline prices went up, long lines at the filling stations, you know, one thing right after another. So my gosh, we gotta do something about this. We don't ever export any oil. We didn't believe then that we would ever have oil like we do today.


    Demand for a North American Alliance


    Brian Bradshaw: 

    For the last 30 years even though this thing might not really made sense, it did matter. We were importing so much oil, our production base wasn't really growing.

    T. Boone Pickens:           

    Look at what you have today. We're using about 18 million barrels of oil a day in the United States and we're producing between eight and nine million barrels. We still import a lot of oil. We import eight or nine million barrels a day.

    Some of that oil comes from friendly countries. About half of the nine million barrels we import comes from Canada and Mexico. The other four or four and a half million comes really from OPEC, not friendly.

    So here we are starting to have options develop for this country. My advice is to produce more oil in the United States and Canada and Mexico, combined. I would like to see a North American energy alliance developed which would bring those three countries together.

    It would have great opportunities for all three countries in the alliance.

    Brian Bradshaw: 

    So 40 years ago we passed all these laws, like you mentioned: the SPR, price controls, rationing, the oil export ban and the windfall profits tax.  Over time, each one of these things has either fallen off or been repealed with the SPR still in place of course. But this oil export ban still remains. No one has really gone back and looked at it until now, until it's become relevant again.

    <

  • PickensPlan

    Energy Video Series produced for PickensPlanConversations with T. Boone Pickens is an educational video series on energy related topics from Saudi Arabia to Natural Gas, Electric Cars, Solar & Water to American Plans for Energy Policy.

    Video proFile® page is a profile for each video. Using analytic tools, we optimize its title, description and tags to match your video message to relevant search keywords and phrases, and submit them to Google, Bing and Yahoo for indexing.


  • Property Accounting Types: Oil and Gas

    Oil and Gas - Property Accounting Types

    I am Jon Gwynn. I am David Hill, Tax Manager.

    Today we're going to talk a little bit about oil and gas depletion both from a U.S. GAAP perspective as well as a tax perspective. I am the audit director for the firm, so I'll talk a little bit about the two U.S. GAAP methods that are accepted. They are called successful efforts and full cost and David will talk a little about the tax methods.

    Right. Now for the tax methods there are two types, there is percentage depletion and there is cost depletion.

    Under U.S. GAAP there are two generally accepted methods to account for oil and gas properties, successful efforts and full cost. So, as a small business if you are just starting to decide on which method to use, there are a bunch of different ideas that go into choosing the method.

    Full cost is probably the easiest to account for, it doesn't take a lot of time, it groups all of your properties together by continent or a region. Successful efforts you have to go to a lower level of accounting forward by well, property, fields.

    So if you have the resources to do the accounting forward I would recommend successful efforts. One of the main reasons for that is if we ever do adopt IFRS successful efforts right now is the most closely aligned with companies that are doing IFRS accounting.

    A couple of other considerations to look into. Full cost method, if you sell properties or if you drill a dry hole then you don't get necessarily a benefit out of it on your income statement, it all just remains within that property group. So there is no real P&L impact to it.

    Okay, I am going to talk about the tax methods for deducting depletion. Jon covered earlier the cost method, and that is also allowed for tax, but we use a little bit different base versus the same formula. That's allowable method, and there is also another one percentage depletion. This is allowed by Congress and this is available for people who own property in the U.S. in your own economic interest. It's not available if you own a refinery or you are a retailer.

    Now what this is, is it's deduction is a 15% of your gross proceeds. And what this does is it gives you that deduction in tax return, which helps minimize your tax liability. It is subject to limits though, one is it's done on a property by property basis and you can't create a loss with depletion, so is that 100% of all your taxable income.

    Now the other one is the 65% and this is for everything you do not just oil and gas. In this scenario you can't take it below that level and that's the only two limitations for percentage depletion on your tax return.

    So these are some of the ideas we want to give you on how to account for your oil and gas properties and the way to do depletion.

    If you have any questions or need us to help you out in any way please give us a call, we're at PriceKubecka.

    For almost two decades, the PriceKubecka Dallas CPA firm has been providing professional tax, audit, and accounting solutions, strategies and assistance for businesses in the Dallas Fort Worth Metroplex and other regional cities. Our team includes seasoned professionals that bring experience from both the private sector and larger, national CPA firms. This synergy of experience enables us to provide unparalleled expertise and specialization to large firms and small businesses alike — all with the personalized attention and responsiveness you deserve.

    PriceKubecka is a professional, strategy-driven CPA accounting firm with the know-how to improve profitability and take the anxiety out of tax, audit and accounting issues. We focus on meeting the accounting, tax and auditing needs of companies on the move — like yours — ensuring your financial situation is in line with your overall business strategy. Let us provide your business the peace of mind it needs to flourish.

    PriceKubecka, PLLC
    16775 Addison Rd
    Suite 500
    Addison, TX 75001

  • Protect Your Circumstances with Henry Harrison

    Protect Your Circumstances

    5 Fundamental Practices based on Universal Truths to Keep Riches, and Avoid Circumstances that might lead to Ruin.

    Through powerful examples and “I’m glad that didn’t happen to me” stories, you will learn how better to keep compliant in today’s regulated environment, as well as to better protect yourself and your company from outside forces that could do you harm.

    Henry Harrison is an entrepreneur from Dallas Texas that has started and acquired over a dozen companies, across a variety of industries. Henry and his partners owned a securities firm and started an Oil and Gas company which in fewer than 3 years raised $500 million from investors and $300 million from a joint venture partner. The business grew to over A Billion Dollars in value and over 100 employees. During the 2009 financial crisis and natural gas price collapse, the Securities and Commission took over their company and three years later the Justice Department indicted them. This resulted in a 6 year legal Odyssey which led to Henry spending over a year in Federal Prison

    Henry Harrison

    You're shaking hands with the owner of a huge oil company, one of American's wealthiest men and a billionaire, right after he's agreed to advance your company 300 million dollars in a joint venture. He looks you in the eye, he shakes your hand and he says, "Congratulations, you're going to be a very wealthy man."

    My story starts out sounding like another success story of an entrepreneur. My partners and I had founded this oil and gas company, and have grown to under three years to have as many as a hundred employees and 150 full-time contract landsman. We were right on the cusp, with this new technology enabling us to drill down into shell and extract oil and gas. So, it was a land boom and a rush and we were grabbing as much of it as we could.

    Five years later, and I still get a little shaky when I talk about this, you get word that you've been indicted and you know that potentially means years in prison. 

    This was the environment of the world being on edge because of the financial crisis. This was the environment when banks were failing. This was in the aftermath of Bernie Madoff. The fact that our company, had been tremendously successful and grown remarkably fast, and had raised over 500 million from individual investors, we found ourselves under investigation by the federal government.

    After living through all this I still struggle with how it happened. It's still, even among friends, difficult to get up here and talk about this….But I've come to appreciate that that doesn't matter. What does matter is that you protect your circumstances.

    …I’ve developed 5 fundamental practices, to help you protect your circumstances. 

    Currently…in this country there are 2,300,000 adults in prison. 1 out of 35 people …is either on parole, on probation or in prison…1 out of 5 is a convicted felon…

    60% of the people are there for…white collar issues…

    Did you know that the department of justice wins in trial 90% of the time? …a prison sentence that was 5 years is now 25 years… It used to be you get a chance to plead guilty, go to prison for 2 years, go to trial and lose, get 4 years. Nowadays…the government accuses you of something and they offer you a chance to plead guilty and go to prison for 2 years… you're going to get 5 to 10 times that if you exercise your right of trial …and lose. That's 10 to 20 years...97% of the people held guilty by the federal system have pled guilty and avoided the risk of trial.

    …there's a number of ways that people can get in trouble…Don't understand a rule, something happens on their watch, something…the government thinks they should have known about… 

    I met …people in prison that had even worse circumstances…someone…was giving…false documentation for the tax return and got in trouble…said, “…my accountants knew about it, they were helping me," next thing you know…he ended up in prison. 

    …met a guy who was a hunter…boat drifted out of the designated hunting...made a kill, went to prison… 

    …met a guy that owned a medical company…CFO…over-billed Medicare, went to prison for that. 

    …met an owner of a big car dealership… sales guy …phonied up …rebates …customers think …getting a better deal, he didn't now about it and he ended up in prison. 

    The lessons, I believe, apply to lots of other dangerous and outside forces…think about all the government agencies, state and federal, that can give you a hard time…not prison, but still a pretty hard time. 

    …interest groups, associations…licensing bodies…regulators all over the place, even competitors. There might be a target on your back and you don't even know it…

    …learn from my failure, my heartache, my pain…how to protect your circumstances.

    In this fast-paced, intense, ever-changing environment that we live in, I've come to appreciate how powerfully important it is, to focus on these fundamental principles to protect your circumstances. 

    It will change how you approach things, and help you forever.

    ...he gives you a document and across the top in big bold letters it says, the United States of America versus you. The United States of America versus Henry Harrison.

    ....you ever want to feel alone? Feel like you're up against Godzilla with a pea shooter, that's what that felt like. 

    ...you're roaming around like usual but absolutely nothing is normal, you go to EO events but you're facing trial and your lawyers and the government are telling you if you go to a trial in front of a jury and you lose, you're going to get decades, up to 200 years, life, in prison. It's goodbye to everything, spouse, family, friends, everything gone.

    Have you ever had something you just can't believe is happening to you, and then it just goes on and on and on?

    When my grandfather was at the end of his long 93 year old life, I visited him in the hospital every day, and he said a lot of eloquent things to me, but the last thing he said even though it wasn't his most eloquent really stuck with me. He's got a tremor, tubes all in him, in and out of consciousness. He kind of turns his head slightly, and in a whisper with a hoarse throat, he says "remember, life is an adventure. Enjoy it, and appreciate people. The journey goes fast." And that was the end of his journey, the last things he ever said to me. 

    So I have been through a four year legal battle, FINRA attacking us that regulates securities, the lawyers that took over the company suing us, the SEC suing us, and the justice department indicting us. Think armies of lawyers looking for things to criticize. Four million documents, hundreds of employees, a billion dollars, and we worked on this case virtually every day for four years. Depositions, you name it. It was like one massive Harvard business case study. And I I think I learned a lot through that process. And it boils down to what... 

    Or I boiled it down to what I call three fundamental practices which I think will help any citizen which are both personal and professional. And while there will be some reminders in there, I think that I never would've thought how important they were until I went through what I went through. While nobody here has any mal-intent, nobody in this room, we all want to protect our circumstances including our health, our hamily- our family, our financial welfare, our homes. We all want to be able to protect our circumstances.

    ...on the government side of the fence, the people that work there typically don't have private sector experience much less business experience. And when they pull out the magnifying glass to look for things to label as negligent, reckless, or fraudulent, their viewpoint may be very different than your viewpoint. 

    Look at your house from your neighbor's yard and consider your circumstance from that perspective to stay out of trouble.

    Protect Your Circumstances!

    Surround yourself with people that will help you when they party's going on and back you up when the party's over.