Accounting

A General Accounting Office (GAO) report issued last Tuesday was unable to conclusively determine whether the Interior Department’s program for accepting royalty payments from oil and natural gas producers in-kind is a success or flop due to the agency’s lack of documentation and adequate controls over the program.

A General Accounting Office (GAO) report issued Tuesday was unable to conclusively determine whether the Interior Department’s program for accepting royalty payments from oil and natural gas producers in-kind is a success or flop due to the agency’s lack of documentation and adequate controls over the program.

Under pressure to rebuild investor confidence in the wake of this year’s oil and gas reserves accounting scandal, Royal Dutch/Shell Group on Thursday announced a $2 billion share buyback. The major also reported strong quarterly operating earnings despite a 16% decline in net income.

A survey by global accounting firm Grant Thornton of 60 senior executives at mid-sized independent exploration and production (E&P) companies found that on average most expect Henry Hub natural gas prices to increase modestly over the next four years, moving from $4.44/Mcf in 2004 to $4.82 in 2007.

A survey by global accounting firm Grant Thornton of 60 senior executives at mid-sized independent exploration and production (E&P) companies found that on average most expect Henry Hub natural gas prices to increase modestly over the next four years, moving from $4.44/Mcf in 2004 to $4.82 in 2007.

The chairman of the Securities and Exchange Commission (SEC) on Wednesday said that the agency is reviewing oil and gas reserves accounting after Royal Dutch/Shell Group recategorized its reserves last week (see Daily GPI, Jan. 13).

A Government Accounting Office (GAO) report has recommended the Interior Department seek legislation authorizing closer controls for its Fish and Wildlife Service (FWS) over oil and gas drilling in national wildlife refuges.

A Government Accounting Office (GAO) report has recommended the Interior Department seek legislation authorizing closer controls for its Fish and Wildlife Service (FWS) over oil and gas drilling in national wildlife refuges.

The General Accounting Office (GAO) has called on the Office of Pipeline Safety (OPS) develop a “systematic process” for measuring the progress of its research and development (R&D) programs that are designed to improve the safety of natural gas and hazardous liquid pipelines, and to report the results to Congress each year.