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Introduction To Auditing Your Royalty Statements
Following up on the discussion from Ms. Romanos in November, Peter Huddleston, a petroleum engineer with over 40 years’ experience in the oil and gas industry, will guide royalty owners on how to perform a basic audit of their royalty statements to determine if there is an issue that needs further examining by a professional auditor. Mr. Huddleston will discuss the basics of scaled up hydrocarbon processing and other costs that may impact the income received by the royalty owner and how to determine if those costs are justified.
Peter Huddleston: Worked summers 1972-1978 as engineering assistant and roustabout. Since 1980 have practiced primarily as a reservoir engineer, providing reservoir and economic evaluations for the petroleum industry and financial institutions. Successful transactions have resulted in acquisitions, financing arrangements, and public offerings totaling in excess of $1 Billion. Reserve reports are prepared on a continuing basis for public reporting, financing, budgeting, litigation support, and/or evaluation of investment performance. Appointed President of Huddleston & Co., Inc., in February 1989 and Chairman April 2017. Formerly President of Peter Paul Petroleum Company from January 1999 until April 2017. Acted as Chairman of Continental Operating Company from 1993 until April 2017.
Huddleston & Co., Inc., has provided petroleum engineering consulting services for over 500 oil and gas companies, gas transmission companies, banks, and other financial institutions. Foreign projects have included Canada, South and Central America, Africa, Australia, China, Kuwait, Indonesia, the North Sea, and the Russian Federation (formerly the Soviet Union).
As President of Peter Paul Petroleum Company was responsible for the oversight and management of various private joint venture and partnership interests in over 2,000 producing properties resulting in cumulative distributions of more than $1 Billion to the owners and limited partners. Continental Operating Company, a privately held oil and gas operating company, operated as many as 500 wells located in Colorado, Kansas, Louisiana, North Dakota, Oklahoma, Texas, West Virginia and Wyoming between 1993 and 2017.
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