COURSE

EUCI is authorized by IACET to offer 0.8 CEUs for the course and 0.4 CEUs for the workshop

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MIDSTREAM ACCOUNTING

May 22, 2019 EUCI Conference Center

Denver, CO

RELATED EVENT:

UPSTREAM ACCOUNTING May 20-21, 2019 | Denver, CO

PRE-COURSE WORKSHOP

Oil & Gas 2019 Tax Workshop

TUESDAY, MAY 21, 2019

EUCI is authorized by CPE to offer 8.0 credits for the course and 4.5 for the workshop

MIDSTREAM ACCOUNTING May 22, 2019 | Denver, CO

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OVERVIEWJoin our expert instructor, Alfonso Colombano, for a 1-day fundamentals course on midstream accounting. Master limited partnerships, NGL fractionation accounting, and pipeline accounting will all be covered, in-depth. This course is designed for midstream professionals who desire an understanding of the issues faced in oil & gas accounting and best practices used by oil & gas accounting professionals.

Topics covered in this course will range from FERC and non-FERC accounting, revenue accounting, the billing process, and income statements. Questions such as, why are MLPs important, what is a fractionator, and how is gas gathering and processing accounting similar to upstream accounting will be answered in full. After completing this 1-day course, Attendees will be ready to apply what they have learned immediately upon returning to work.

LEARNING OUTCOMES• Discuss what Master Limited Partnerships (MLPs) are, why are they formed and why an investor would consider a MLP• Review why pipelines are built and the extensive business development process that goes into the successful

completion of a pipeline in the United States• Identify how pipeline revenue and construction accounting work, impacts of FERC regulation and other accounting

implications• Discuss how natural gas gathering & processing works, how products are accounted, and the different types of

contracts involved in G&P• Review how crude oil, natural gas and NGLs are valued, traded and accounted for in supply & trading operations

WHO SHOULD ATTEND• Accountants• Financiers• Managers• Directors• Book keepers• Administrators

IACET CREDITSEUCI has been accredited as an Authorized Provider by the International Association for Continuing Education and Training (IACET). In obtaining this accreditation, EUCI has demonstrated that it complies with the ANSI/IACET Standard which is recognized internationally as a standard of good practice. As a result of their Authorized Provider status, EUCI is authorized to offer IACET CEUs for its programs that qualify under the ANSI/IACET Standard.

EUCI is authorized by IACET to offer 0.8 CEUs for the course and 0.4 CEUs for the workshop.

CPE CREDITSEUCI is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

Upon successful completion of this event, program participants interested in receiving CPE credits will receive a certificate of completion. EUCI is authorized by CPE to offer 8.0 credits for the course and 4.5 for the workshop.

MIDSTREAM ACCOUNTING May 22, 2019 | Denver, CO

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AGENDAWEDNESDAY, MAY 22, 2019

8:00 – 8:30 am Registration and Continental Breakfast

8:30 am – 5:00 pm Course Timing

11:30 am – 12:30 pm Group Luncheon

Morning Session

MLPs• What are Master Limited Partnerships?• Why are They Important?• MLP and Investing Implications• U.S. Income ImplicationsPipelines• Why are Pipelines Built?• Pipeline Business Development ProcessPipeline Accounting• Phillips Case and Natural Gas Pipeline Regulations• Post-deregulation Complexities• Acquisition and Construction Costs• Operating Costs• FERC Accounting• Non-FERC Accounting• Revenue Accounting

o Types of Revenueo Billing Processes

• Income StatementNGL Fractionation AccountingWhat are Natural Gas Liquids?• Uses• Main Market and Customers• Growth in NGLsWhat is a Fractionator?Location of FractionatorsAccounting for Costs• Acquisition• Construction• Operating• EnvironmentalRevenue Processes• Billing• Inventory Impacts

MIDSTREAM ACCOUNTING May 22, 2019 | Denver, CO

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WEDNESDAY, MAY 22, 2019 (CONTINUED)

Afternoon Session

Gas Gathering and Processing Accounting• Introduction to Gas Processing

o What are Gas Plants?o Products Extractedo Types of Gas Plants

• Types of Contracts and Revenue Streams in Gas Gathering & Processing• Growth in Gas Processing• Similarities with Upstream Revenue Accounting• Processes• Impacts of Data into Allocations

o Criticality of Gas AnalysisCrude oil, Natural Gas and Natural Gas Liquids Trading• North American Crude Oil trading

o Crude Oil Valuationo Physical Tradingo Accounting

• North American Gas Tradingo Before Pipeline deregulation of the mid 1980’so Pre-Shale Revolutiono Post-Shale Revolutiono Accounting Implications

• NGL and Market Dynamicso Pre-Shale Revolutiono Post-Shale Revolutiono Export Marketo Accounting Implications

• Conclusiono Questions and Answers

AGENDA

MIDSTREAM ACCOUNTING May 22, 2019 | Denver, CO

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PRE-COURSE WORKSHOP

Oil & Gas 2019 Tax WorkshopTUESDAY, MAY 21, 2019

OVERVIEWLearn what you need to know about oil & gas tax accounting in this half-day workshop instructed by accounting expert, Alfonso Colombano. Attendees of this workshop will learn about tax issues faced at all stages of oil & gas production: upstream, midstream, and downstream. Topics such as excise and sales tax, duties, property taxes, and inventory, will all be discussed. Complex tax issues around master limited partnerships, depletion, depreciation, and other crucial topics in oil & gas tax accounting will be explained and simplified so that attendees can immediately begin applying what they have learned.

AGENDA12:30 – 1:00 pm Registration

1:00 – 5:00 pm Course Timing

Income Tax• Upstream

o Royalty Trusts• Downstream

o Inventory Impactso Manufacturers Credits

• Midstreamo MLP

International Operations & Tax ImplicationsIndirect Taxes• Excise Taxes• Sales TaxesOther Taxes• Duties• Property Taxes/Inventory

MIDSTREAM ACCOUNTING May 22, 2019 | Denver, CO

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INSTRUCTORAlfonso Colombano Alfonso Colombano is the author of the bestseller series of books titled Oil & Gas Company Analysis, which have been used as a teaching tool in the oil & gas industry worldwide. Alfonso has worked for ConocoPhillips, Phillips 66 and Chevron in analytical, commercial & financial roles. Alfonso is a graduate of the University of Houston where he was active in the Energy Association. Alfonso’s expertise encompasses all sectors of the oil & gas industry including upstream, midstream and downstream, which led him to create, write and publish three books on the topic. Mr. Colombano is an avid reader of Forms 10-K and 20-F, financial statements and other external company publications. Alfonso is currently an SAP Financials Consultant working for a large Oil & Gas Company in Houston. Alfonso has published four books so far:• Oil & Gas Company Analysis: Upstream, Midstream & Downstream• Oil & Gas Company Analysis: Petroleum Refining & Marketing• Análisis de Empresas de Petróleo y Gas: Upstream, Midstream y Downstream• Careers in the Oil & Gas Industry: A Guidebook of Practical Advice

Mr. Colombano is currently working with a co-author on an upcoming book on International Oil & Gas Accounting, to be published later this year.

Alfonso’s expertise encompasses the financial & operational analysis of oil & gas companies, having developed several analytical models for M&A activity and commercial analysis. Alfonso is a well-seasoned public speaker and has been featured at the University of Houston and the Global Energy Leaders Podcast. Alfonso is co-host with Ryan Ray on the Energy Market Recap Podcast. He enjoys reading books about the oil & gas industry and playing golf in his free time.

Additional Background:

• Deep understanding of the upstream, midstream and downstream businesses, having worked asa financial analyst for a Commercial G&P group in the E&P business as well as a financial analyst forthe DCP Midstream JV

• Strong understanding and application of oil & products value chain, from gathering, terminals,refining and marketing of oil and products from an operations and commercial perspective.

• Work experience at gas plants and fractionators (exposure to operations, project management& construction). Analysis of Loss Profit Opportunities (LPO’s) as well as gas plant margin analysis(inclusive of high H2S content gas)

• Commercial gas contract reviews (DCP and Enterprise), reviewed several gas gathering & processing(POP, Fee-based and Keep Whole).

MIDSTREAM ACCOUNTING May 22, 2019 | Denver, CO

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INSTRUCTIONAL METHODSPowerPoint, Lecture, Discussion and Q&A will be used in this program.

REQUIREMENTS FOR SUCCESSFUL COMPLETIONParticipants must sign in/out each day and be in attendance for a minimum of four hours to be eligible for any continuing education credit.

EVENT LOCATIONEUCI Conference Center4601 DTC Blvd., B-100 Denver, CO 80237

NEARBY HOTELSPreferred HotelHyatt Place Denver Tech Center8300 E. Crescent Parkway, Greenwood Village, CO 80111 (0.9 miles away)Call Central Reservations at 1-888-492-8847 and ask for the corporate rate of $168 under the Group Code: EUCI. or visit https://denvertechcenter.place.hyatt.com/en/hotel/home.html?corp_id=102338 for the corporate rate using the Group Code: EUCI. (Hot Breakfast included and Free Shuttle to and from EUCI)

REGISTER 3, SEND THE 4TH FREEAny organization wishing to send multiple attendees to this conference may send 1 FREE for every 3 delegates registered. Please note that all registrations must be made at the same time to qualify.

Hyatt Regency Denver Tech Center7800 E. Tufts AveDenver, CO 80237Phone: 303-779-12340.3 miles away

Hilton Garden Inn Denver Tech Center7675 E. Union AveDenver, CO 80237Phone: 303-770-42000.6 miles away

Denver Marriott Tech Center4900 S. Syracuse StDenver, CO 80237Phone: 303-779-11000.7 miles away

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EUCI Conference Center4601 DTC Blvd., B-100 Denver, CO 80237

See nearby hotels on page 7

Substitutions & CancellationsYour registration may be transferred to a member of your organization up to 24 hours in advance of the event. Cancellations must be received on or before April 19, 2019 in order to be refunded and will be subject to a US $195.00 processing fee per registrant. No refunds will be made after this date. Cancellations received after this date will create a credit of the tuition (less processing fee) good toward any other EUCI event. This credit will be good for six months from the cancellation date. In the event of non-attendance, all registration fees will be forfeited. In case of course cancellation, EUCI’s liability is limited to refund of the event registration fee only. For more information regarding administrative policies, such as complaints and refunds, please contact our offices at (201) 871-0474.

EVENT LOCATION

PLEASE REGISTER BUNDLE PRICE: UPSTREAM ACCOUNTING COURSE, OIL & GAS 2019 TAX WORKSHOP AND MIDSTREAM ACCOUNTING COURSEMAY 20 – 22, 2019: US $2595 EARLY BIRD on or before MAY 3, 2019: US $2395

MIDSTREAM ACCOUNTING COURSE AND OIL & GAS 2019 TAX WORKSHOPMAY 21– 22, 2019: US $1495 EARLY BIRD on or before MAY 3, 2019: US $1295

MIDSTREAM ACCOUNTING COURSE ONLYMAY 22, 2019: US $995 EARLY BIRD on or before MAY 3, 2019: US $895

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