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Martindale understands that industry knowledge and resources are key components of successful projects. In this section are various COPAS economic factors and other resources that joint venture auditors and oil and gas accountants will use.
COPAS, through its audit and joint interest standing committees, publishes indexes, economic factors, tables, etc. that are used by the oil and gas accounting industry. Many of these factors are components of an operator’s accounting or used on a joint venture audit. MartiCons is not the author of any of these rates and percentages; we include them on our website for your convenience and use.
COPAS model form accounting procedures provide for an annual adjustment of the fixed rate overhead for drilling and producing wells using an index published by the Department of Labor, Bureau of Labor Statistics. The BLS ceased publishing this particular index in 2003. In 2004, the COPAS Joint Interest and Audit Committees created a replacement percentage from two other BLS indexes to allow the industry to continue to have a mechanism for adjusting overhead rates.
Recent COPAS model form accounting procedures provide that charges for employee benefits will be based on the operator’s costs of providing the benefits, not to exceed the percentage most recently recommended by COPAS. The COPAS Employee Benefits Subcommittee uses a procedure based on data from the Bureau of Labor Statistics to calculate the annual rate. COPAS approves a new rate each Fall, which goes into effect January 1 of the following year.
The audit per diem rate is published annually by the COPAS Audit Committee for use by non-operators to facilitate audit cost sharing on audits conducted in the U.S. The Audit Committee uses a Professional and Technical index published by the Bureau of Labor Statistics to calculate the per diem rate to be approved by COPAS. The audit per diem rate is not intended for use in establishing rates paid to contract auditors or auditing firms.
When an auditor reconciles casing and tubing, treadloss (or make-up loss) must be accounted for. Each type of casing and tubing has a different treadloss factor, based on the grade, weight, and end type.
COPAS model form accounting procedures allow use of Petroleum Motor Transport Association (PMTA) rates as an option to bill costs of operator-owned vehicles to the Joint Account. The PMTA organization disbanded effective January 1, 2014. COPAS created a Vehicle Rates Subcommittee to determine annual vehicle rates so the industry would continue to have a mechanism for billing vehicle costs to non-operators.
Loading and unloading costs can be an element of material pricing. Some COPAS model form accounting procedures state the Operator may use specified loading and unloading rates that are adjusted annually by the same percentage used to adjust overhead rates (rounded to the nearest cent).
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At the link below, please find COPAS published Workers Compensation Manual Rates for the years 2017 through 2023 and examples of the application of the Workers Compensation Manual Rates. The rates, which vary by job classification and state, are effective January 1 of the applicable year.
