FERC Form 6 ASSISTANCE:

Oil pipeline companies regulated by the FERC are required to file a FERC Form 6 Annual Report on the April of each year. The FERC Form No. 6 (FERC Form 6) is an annual regulatory reporting requirement and the FERC Form No. 6-Q (FERC Form 6-Q) is a quarterly regulatory reporting requirement. These reports are designed to collect both financial and operational informational from oil pipeline companies subject to FERC jurisdiction and are also considered to be non-confidential public use forms.

The Form 6 provides a summary of accounting information relating to carrier property, operating revenue, and operating expenses for the preceding calendar year The FERC requires that in information in the Form 6 with the Uniform System of Accounts (USoA). The USoA differs in several respects from GAAP and other financial accounting standards. REG assists clients in all aspects of preparing the Form 6, including:

• Review of accounting entries to ensure compliance with USOA
• Review of Form 6 workpaper support for translation of GAAP data to USoA
• Page 700 cost of service calculations

Page 700:

The FERC requires that each regulated oil pipeline provide certain annual information relating to cost of service and revenues as part of its annual Form 6, commonly referred to as "Page 700". The Page 700 provides data for the end of the reporting year and for the immediately preceding year including: Annual Cost of Service (as calculated under the Order No. 154-B methodology), operating revenues, and throughput in barrels and barrel-miles. REG is experienced in reviewing and compiling data required for the Page 700 calculation, and prepares calculation in compliance with this requirement.

On July 18, 2013, the FERC has updated the requirements of the Page 700, details of the new requirements can be found here.