Office of Natural Resources Revenue Office of Natural Resources Revenue (ONRR) U.S. Department of Interior Financial Management Update Royalty Reporting.

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Presentation transcript:

Office of Natural Resources Revenue Office of Natural Resources Revenue (ONRR) U.S. Department of Interior Financial Management Update Royalty Reporting Robert F. Prael Program Manager, Financial Management Industry Compliance Accurate Revenues & Data Professionalism & Integrity

Office of Natural Resources Revenue Office of Natural Resources Revenue (ONRR) U.S. Department of Interior Presentation Outline o Financial Management Update o Questions 2

Office of Natural Resources Revenue Office of Natural Resources Revenue (ONRR) U.S. Department of Interior Financial Management o Systems o Financial Services Accounts Receivable Billing Debt Collection o Reporting and Solid Mineral Services Reference Data Royalty Reporting o Accounting Services Accounts Payable General Ledger 3

4 Precision Up-Front System Edits Data Mining Missing Reports, Volume Comparisons, LVS/GVS, High Level Analyses of Sales Values, Royalty Values, Adjustments, etc. 1 Month 6-9 Months 2-3 Years 7 Years (Fed. oil & gas) Compliance Reviews Audits Timeline Risk-based Approach Enforcement Actions

Office of Natural Resources Revenue Office of Natural Resources Revenue (ONRR) U.S. Department of Interior Royalty Reporting o Top 3 reporting errors o New Up-front edits o Indian reporting Separate by Tribe/agency o Lessee/Designee Form 4425 o Form 4444 o Access to data o Flaring 5

Office of Natural Resources Revenue Office of Natural Resources Revenue (ONRR) U.S. Department of Interior Royalty Reporting, continued o NGL’s sold at tailgate o Fractionation and allowances o Transportation factor o NYMEX and transportation factor 6

Office of Natural Resources Revenue Office of Natural Resources Revenue (ONRR) U.S. Department of Interior Contact: Robert Prael Industry Compliance Accurate Revenues & Data Professionalism & Integrity