The Council of Petroleum Accountants Societies (COPAS) is committed to the principle that fair competition forms the foundation of our free enterprise system. In support of this principle, it is the fixed policy of COPAS in the conduct of its meetings and other activities to comply fully with all laws  including the antitrust laws, both state and federal.

COPAS acts through its members, and individual members in their actions on behalf of COPAS should strive to achieve an awareness of antitrust law that preserves the conditions necessary for business competition and to avoid any action that may violate such law. This expectation is prescribed in the COPAS Code of Ethics.

Items of particular importance and concern center on the following:

• Avoid any action, whether expressed or implied, that could be considered to restrain trade, or act as a barrier to commerce to any individual or group of individuals.
• Structure member meetings. There will be proper notice, an agenda, observance of rules or procedures, and minutes taken for each meeting. Should members have any doubt concerning the propriety of any statements or conduct at meetings or other activities,  they must immediately disassociate themselves  from the discussion and if necessary, leave the meetings or activity.
• Any price, cost valuation, appraisal, or other data compiled by COPAS are intended to provide statistical reference points in developing COPAS recommendations and for individual companies (whether COPAS member or not) to use as they may deem appropriate for individual decision making.
• COPAS consideration of prices,  cost valuations, and appraisal methods are intended to enhance competition by suggesting model forms, interpretive bulletins, and guidelines for the most practical methods of accounting auditing and record keeping in the oil and gas industry. The recommendations are voluntary, and each individual company may decide to use or modify them in specific business settings.

Prior to any COPAS meeting, the following reminder should be read to the participants by the meetings leader:

“We are meeting to help develop and promote optimal accounting, auditing, and record keeping practices necessary to support oil and gas operations which enhance competition. The meeting will be conducted in compliance with the COPAS Policies on Ethics and Antitrust. We will not agree on prices paid to suppliers or charged to customers, endorse or disparage vendors or goods or services, divide markets or discuss with whom we will do business, nor other specific commercial terms, because these are matters for each company or individual to independently evaluate and determine.”