{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/360/932/#05-overview-and-background","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":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"360-932-05-1","para":"05-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">This Subtopic addresses accounting and reporting for industry-specific property, plant, and equipment in the oil and gas industry. Property, plant, and equipment include:<ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\"><a href=\"/glossary/m/#mineral-interests\" class=\"term\" title=\"See Properties.\"><span>Mineral interests</span></a> in <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></div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\"><a href=\"/glossary/w/#wells-and-related-equipment-and-facilities\" class=\"term\" title=\"Wells and related equipment and facilities are often referred to in the oil and gas industry as lease and well equipment even though, technically, the property may have been acquired other than by a lease. The costs include those incurred to: Drill and equip those exploratory wells and exploratory-type stratigraphic test wells that have found proved reserves Obtain access to proved reserves and provide facilities for extracting, treating, gathering, and storing the oil and gas, including the drilling and equipping of development wells and development-type stratigraphic test wells (whether those wells are successful or unsuccessful) and service wells.\"><span>Wells and related equipment and facilities</span></a></div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\"><a href=\"/glossary/s/#support-equipment-and-facilities\" class=\"term\" title=\"Support equipment and facilities used in oil- and gas-producing activities, such as seismic equipment, drilling equipment, construction and grading equipment, vehicles, repair shops, warehouses, supply points, camps, and division, district, or field offices.\"><span>Support equipment and facilities</span></a></div></li><li class=\"li-norm\"><span class=\"linum\">d</span><div class=\"p\"><a href=\"/glossary/u/#uncompleted-wells-equipment-and-facilities\" class=\"term\" title=\"Uncompleted wells, equipment, and facilities, the costs of which include those incurred to: Drill and equip wells that are not yet completed Acquire or construct equipment and facilities that are not yet completed and installed.\"><span>Uncompleted wells, equipment, and facilities</span></a>.</div></li></ol></div></div>","snippet":"This Subtopic addresses accounting and reporting for industry-specific property, plant, and equipment in the oil and gas industry. Property, plant, and equipment include:\n(a) Mineral interests in properties\n(b) Wells and…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0ec2454ee7b17094a2902f4060379becaacf126fdb951dc4b695f3297f62c6c1","downloaded_from":"2026-09-10T00:08:50.166Z","last_downloaded_at":"2026-09-10T00:08:50.166Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477647","source_sha256":"2c1f0401fa1f2f311224092cbfa30a31acf1b2c472bbe517a1ab7f985dc80d3c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6461383b2db7c4d422085753e59aaa5aeb9fc37702b58a73067803bbb3cfd50b","downloaded_from":"2026-09-10T00:08:50.166Z","last_downloaded_at":"2026-09-10T00:08:50.166Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477647","source_sha256":"2c1f0401fa1f2f311224092cbfa30a31acf1b2c472bbe517a1ab7f985dc80d3c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4702cf52905fda43a559abf60937320eeb296393f6893cc6ee58d1efb5a100d7","downloaded_from":"2026-09-10T00:08:50.166Z","last_downloaded_at":"2026-09-10T00:08:50.166Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477647","source_sha256":"2c1f0401fa1f2f311224092cbfa30a31acf1b2c472bbe517a1ab7f985dc80d3c"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4702cf52905fda43a559abf60937320eeb296393f6893cc6ee58d1efb5a100d7","downloaded_from":"2026-09-10T00:08:50.166Z","last_downloaded_at":"2026-09-10T00:08:50.166Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477647","source_sha256":"2c1f0401fa1f2f311224092cbfa30a31acf1b2c472bbe517a1ab7f985dc80d3c"}}