Session Sneak Peek: Derek Weekly
November 14, 2024
Derek Weekly retired from the State of Wyoming Department of Audit after almost 30 years of service. He served as Audit Manager for twenty-five years. As Audit Manager, he was responsible for leading, training and supervising a team of auditors in completing audits of state severance taxes, state royalties, federal royalties, and ad valorem values. Derek specialized in oil and gas audits, but also oversaw audits of coal, coalbed methane, and trona. He developed various sampling techniques that are currently being administered by the Wyoming Department of Audit and have been challenged and upheld at the Supreme Court.
Derek was responsible for all in-house training and presented a variety of mineral-related topics to various agencies and state legislative committees. He has also conducted presentations at the COPAS National and local meetings, Oil and Gas State Reporting Conference, PASH Conference, and PDI Conferences. In his current role of Regulatory Projects Supervisor at Martindale Consultants, he serves in the capacity of providing training, establishing valuation determination for various clients, professional consultation, litigation support, and assuming a leadership/supervisory role over special projects within the Regulatory Compliance Division at Martindale.
Q&A with Derek Weekly
OSCPA: Why should members attend your session?
Weekly: Most people naturally get nervous when they hear the term “audit”. The goal of this session is to provide attendees with the armor needed to navigate an audit. By understanding common ONRR audit findings and being proactive in your accounting, companies can minimize their risk when it comes time for an audit. Understanding unbundling and how to interpret marketable condition language will help companies to be better informed on what deductions can be taken to maximize savings on distributed royalties. The key to being audit-ready is to understand proper accounting and potential issues so your risk variables can be minimized.
OSCPA: How did you come to be an expert on ONRR issues?
Weekly: I have gained expertise through my nearly 30-year career of conducting audits on behalf of ONRR with the State of Wyoming Department of Audit. The State of Wyoming had an ongoing contract with ONRR to conduct audits on behalf of the Office of Natural Resources Revenue. Over the years of conducting audits, I uncovered common issues that span across the industry. My goal is to share these common findings and allow companies to address potential issues on the front end to save money and avoid penalties and interest.
OSCPA: What do you hope attendees will take away from your session?
Weekly: I hope that attendees will take away an understanding of common ONRR audit findings and how they can be more proactive to minimize risks in their valuation methodologies. I want attendees to gain a basic understanding of the legal background of regulations. I would also like attendees to know what deductions can be taken to maximize their bottom line. Overall, I would like each attendee to take away a basic understanding of unbundling and allowable deductions so they can maximize profits while minimizing risks.
Attend the Session
OSCPA's Oil & Gas Series: Session 3 - COPAS and Regulatory Updates
November 19 | 9:00 AM | Virtual | Recommended CPE: 2 hours