{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/360/932/#00-status","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"360","topic_title":"Property, Plant, and Equipment","subtopic":"360-932","subtopic_title":"Extractive Activities—Oil and Gas","section":{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"360-932-00-1","para":"00-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">The following table identifies the changes made to this Subtopic.</div> <div class=\"norm-text\"> <table class=\"asc-table\" id=\"SL6808880-161707\"> <tr> <td class=\"entry\"> <strong class=\"ph b\">Paragraph</strong> </td> <td class=\"entry\"> <strong class=\"ph b\">Action</strong> </td> <td class=\"entry\"> <strong class=\"ph b\">Accounting Standards Update</strong> </td> <td class=\"entry\"> <strong class=\"ph b\">Date</strong> </td> </tr> <tr> <td class=\"entry\"></td> <td class=\"entry\"></td> <td class=\"entry\"></td> <td class=\"entry\"></td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/e/#exploratory-well\" class=\"term\" title=\"An exploratory well is a well drilled to find a new field or to find a new reservoir in a field previously found to be productive of oil or gas in another reservoir. Generally, an exploratory well is any well that is not a development well, a service well , or a stratigraphic test well.\"><span>Exploratory Well</span></a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2010-03/\" class=\"xref\">Accounting Standards Update No. 2010-03</a> </td> <td class=\"entry\">01/06/2010</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/p/#production\" class=\"term\" title=\"Production involves lifting the crude oil and natural gas to the surface, extracting saleable hydrocarbons, in the solid, liquid, or gaseous state from oil sands, shale, coalbeds, or other nonrenewable natural resources that are intended to be upgraded into synthetic oil or gas, gathering, treating, field processing (as in the case of processing gas to extract liquid hydrocarbons), and field storage. The oil and gas production function shall be regarded as ending at a terminal point, which is the outlet valve on the lease or field storage tank. If unusual physical or operational circumstances exist, it may be appropriate to regard the terminal point for the production function as: The first point at which oil, gas, or gas liquids, natural or synthetic, are delivered to a main pipeline, a common carrier, a refinery, or a marine terminal In the case of natural resources that are intended to be upgraded into synthetic oil or gas, if those natural resources are delivered to a purchaser before upgrading, the first point at which the natural resources are delivered to a main pipeline, a common carrier, a refinery, a marine terminal, or a facility that upgrades such natural resources into synthetic oil or gas.\"><span>Production</span></a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2010-03/\" class=\"xref\">Accounting Standards Update No. 2010-03</a> </td> <td class=\"entry\">01/06/2010</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/p/#properties\" class=\"term\" title=\"Mineral interests in properties (hereinafter referred to as properties), which include all of the following: Fee ownership or a lease Concession Other interest representing the legal right to produce or a revenue interest in the production of oil or gas subject to such terms as may be imposed by the conveyance of that interest. Properties also include: Royalty interests Production payments payable in oil or gas Other nonoperating interests in properties operated by others. Properties include those agreements with foreign governments or authorities under which an entity participates in the operation of the related properties or otherwise serves as producer of the underlying reserves (see paragraph 932-235-50-7); but properties do not include other supply agreements or contracts that represent the right to purchase (as opposed to extract) oil and gas. Properties are classified as proved properties or unproved properties.\"><span>Properties</span></a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2010-03/\" class=\"xref\">Accounting Standards Update No. 2010-03</a> </td> <td class=\"entry\">01/06/2010</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/p/#proved-oil-and-gas-reserves\" class=\"term\" title=\"Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulation before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether the estimate is a deterministic estimate or probabilistic estimate. The project to extract the hydrocarbons must have commenced, or the operator must be reasonably certain that it will commence the project, within a reasonable time.The area of the reservoir considered as proved includes all of the following: The area identified by drilling and limited by fluid contacts, if any Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data. In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establish a lower contact with reasonable certainty.Where direct observation from well penetrations has defined a highest known oil elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.Reserves that can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when both of the following occur: Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based. The project has been approved for development by all necessary parties and entities, including governmental entities. Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period before the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.\"><span>Proved Oil and Gas Reserves</span></a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2010-03/\" class=\"xref\">Accounting Standards Update No. 2010-03</a> </td> <td class=\"entry\">01/06/2010</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/s/#stratigraphic-test-well\" class=\"term\" title=\"A stratigraphic test is a drilling effort, geologically directed, to obtain information pertaining to a specific geologic condition. Such wells customarily are drilled without the intention of being completed for hydrocarbon production. This classification also includes tests identified as core tests and all types of expendable holes related to hydrocarbon exploration. Stratigraphic tests are classified as exploratory-type if not drilled in a proved area or development-type if drilled in a proved area.\"><span>Stratigraphic Test Well</span></a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2010-03/\" class=\"xref\">Accounting Standards Update No. 2010-03</a> </td> <td class=\"entry\">01/06/2010</td> </tr> <tr> <td class=\"entry\"></td> <td class=\"entry\"></td> <td class=\"entry\"></td> <td class=\"entry\"></td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/360/932/#360-932-25-3\" class=\"xref\">932-360-25-3</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/asc-pdf/GUID-EFA6D1D7-EED2-443D-BBD3-C6F2E960EBE3.pdf\" class=\"pdf-link\" target=\"_blank\" rel=\"noopener\">Maintenance Update 2014-20 (PDF)</a> </td> <td class=\"entry\">09/29/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/360/932/#360-932-35-14\" class=\"xref\">932-360-35-14</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2012-04/\" class=\"xref\">Accounting Standards Update No. 2012-04</a> </td> <td class=\"entry\">10/01/2012</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/360/932/#360-932-50-1\" class=\"xref\">932-360-50-1</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2010-03/\" class=\"xref\">Accounting Standards Update No. 2010-03</a> </td> <td class=\"entry\">01/06/2010</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/360/932/#360-932-55-15\" class=\"xref\">932-360-55-15 through 55-19</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2012-04/\" class=\"xref\">Accounting Standards Update No. 2012-04</a> </td> <td class=\"entry\">10/01/2012</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/360/932/#360-932-60-1\" class=\"xref\">932-360-60-1</a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2012-04/\" class=\"xref\">Accounting Standards Update No. 2012-04</a> </td> <td class=\"entry\">10/01/2012</td> </tr> </table> </div> </div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nExploratory Well | Amended | Accounting Standards Update No. 2010-03 | 01/06/2010 |\nProd…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d60acf5c95cb2099cfef1ba3b6cee5661c364cdd597a78d4b048d9a9d955dd80","downloaded_from":"2026-09-10T00:08:46.669Z","last_downloaded_at":"2026-09-10T00:08:46.669Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477809","source_sha256":"11113223ecd7e77e8493f38813713cccec04fac46e500cc7c0790695e4773e7f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e9b9e8bc4a51f1c9a7c1aada638563dac08f5a2ebe9e424641ad5b7c520c24ed","downloaded_from":"2026-09-10T00:08:46.669Z","last_downloaded_at":"2026-09-10T00:08:46.669Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477809","source_sha256":"11113223ecd7e77e8493f38813713cccec04fac46e500cc7c0790695e4773e7f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:591317921e8f1fac252cc2cfc833aed886361e6896def87e861f9a58dac96b82","downloaded_from":"2026-09-10T00:08:46.669Z","last_downloaded_at":"2026-09-10T00:08:46.669Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477809","source_sha256":"11113223ecd7e77e8493f38813713cccec04fac46e500cc7c0790695e4773e7f"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:591317921e8f1fac252cc2cfc833aed886361e6896def87e861f9a58dac96b82","downloaded_from":"2026-09-10T00:08:46.669Z","last_downloaded_at":"2026-09-10T00:08:46.669Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477809","source_sha256":"11113223ecd7e77e8493f38813713cccec04fac46e500cc7c0790695e4773e7f"}}