Asset Retirement Obligations (ARO)

Opportune helps companies to streamline procedures and reduce the costs associated with managing, maintaining, and updating cumbersome spreadsheets. Opportune utilizes Assent 143 software to address the complexity in managing the measurement of ARO accounting in accordance with SFAS 143 Asset Retirement Obligations (SFAS 143). Assent 143 replaces inefficient, costly, and complex methods for calculating asset retirement obligations. The Assent 143 solution was developed after thousands of hours reviewing spreadsheets and reporting processes utilized by numerous industry participants of varying size and complexity.

Solution Features:

  • Provides a reliable, auditable, and repeatable solution to your SFAS 143 reporting requirements in a secure SQL Server database.
  • Import features allow data to be loaded easily into the system.
  • Handles incremental changes to variables such as when costs increase or decrease due to economic factors or expected life changes. Assent 143 can handle single or multiple changes to variables in a logical, consistent manner.
  • Numerous standardized reports easily exported to Excel minimize time required to determine balances for roll-forwards. Other reports include summaries of the number of wells/assets in the system, the five-year contractual obligation table, salvage value, and the estimated plugging and abandonment costs.

Opportune Benefits:

  • Reduced operational and reporting risks: Standardized reports facilitate your reconciliation process and allow you to concentrate on making sure you have a complete population rather than the math programmed into a spreadsheet.
  • Industry best practice methodology: Our specialty software is constructed and meticulously fine-tuned through our experience with hundreds of assignments, building from only the strongest aspects of each. Auditing and change control: All new data and changes to data are tracked to the user who performed the action and easily identifiable. In addition, parameters can be set, restricting changes to only authorized users.
  • Reduced time to prepare reports: Standard reports streamline procedures and reduce overhead costs through reductions in the time spent by staff managing, maintaining, and updating cumbersome spreadsheets.

Assent 143 – ARO Software brings consistency and accuracy to the calculation, and frees up financial reporting resources for more productive tasks. We have oil and gas clients running on the application, ranging in size from just 10 wells up to 15,000+.