USA Posting expenses related to developing an oil field

Joined
Apr 10, 2015
Messages
1
Reaction score
0
Country
United States
What is the appropriate way to categorize expenses related to returning an oil field back into production (RTP)?

Should expense such as the following be expenses or on the balance sheet as assets?

Trucking
Cleanup
Environmental
Tank farm inspection
Services of geologists
Surveying

I know that pipe and cement and stuff like that should be capitalized but what about these other expenses? This field in not in production yet. These are all the expenses getting it there. Thanks!
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

Forum statistics

Threads
11,629
Messages
27,578
Members
21,387
Latest member
BoltonPlumbing

Latest Threads

Top