Full cost and successful efforts accounting, joint interest billing, and SEC reserve disclosures — built for upstream and midstream oil and gas companies. Nexus handles the industry-specific accounting that generic ERPs can't touch.
The choice of accounting method for E&P companies — full cost or successful efforts — has significant implications for how exploration costs are capitalized and when impairments are recognized. Managing both methods for different regulatory purposes requires dedicated accounting infrastructure.
JIB accounting for working interest partners requires precise cost allocation, billing, and cash call management. Errors create partner disputes and audit findings. Manual JIB processes are slow and prone to error.
Oil and gas companies use commodity derivatives extensively. ASC 815 hedge accounting designation, effectiveness testing, and disclosure requirements are among the most complex in US GAAP.
GAAP (ASC 932 — Extractive Industries)
SEC Regulation S-X Rule 4-10
ASC 815 (Derivatives and Hedging)
ASC 410 (Asset Retirement Obligations)
JIB processing
time reduced by 60%
ARO calculations
automated with annual actuarial inputs
SEC reserve
disclosures prepared directly from production data
See how Plurafi handles your industry's complexity