Energy

Services for Energy Companies

Audit & Attestation

  • Oil and gas exploration accounting under full cost or successful efforts
  • Financial statement audit, review, compilation, or special report services to comply with regulatory, lending, and private equity reporting
  • Employee Benefit Plan (401k) Audits

Tax Planning & Compliance

  • Federal and State Tax Planning and Compliance
  • Tax Provision Assistance (ASC 740)
  • International Tax Planning and Compliance

Business Advisory

  • IPOs and Integration Strategies for Acquisition & Divestiture
  • Cash Flow Management
  • Internal Controls Analysis
  • Operational Process Improvements
  • Buyouts/Succession Planning
  • Acquisition & Divestiture Services
  • Business Structure and Entity Planning
  • Exit Strategies
  • Business Valuation

Forensic Accounting

  • Fraud Investigations
  • Asset Tracing
  • Dispute Resolution

How We Can Assist with Current Energy Industry Accounting & Tax Issues

Cost Management for Internal Financial Functions

Project billing, month-end closings, and reports for lenders can place burdens on your existing finance and accounting staff. And with the continued uncertainly surrounding commodity pricing, many energy companies are seeking ways to reduce internal fixed costs yet maintain efficient operations.

How to prepare: Briggs & Veselka’s outsourced controller and accounting services gives you budget flexibility and control when you require interim support of full back office accounting functions. Contact Terry Sherrill at tsherrill@bvccpa.com for more details.

Acquisitions & Divestitures

The volatility of commodity pricing continues to create transaction opportunities in E&P and oilfield services companies as companies right-size their operations.

How to prepare: Our Acquisitions & Divestitures group can work with management, lenders, and private equity firms on the valuation, diligence, analysis, tax planning, closing, and newco structures. Our team has worked on a diverse set of transactions with a wide range of purchase prices, entity structures, and types of buyers and sellers. For more information contact Jason Sharp at jsharp@bvccpa.com.

Recovery from Vendors

Oftentimes, actual contract delivery and performance varies from the terms of a supplier contract, causing hidden losses on the operator or services company. When the energy business was booming, few companies would even attempt to reconcile underperformance.

How to prepare: Briggs & Veselka professionals can perform audits of actual vs. contracted performance and, depending on the terms of the contract, find cash recoveries for the company. Proactively, we can examine current contract structure from a performance standpoint to advise you on how to create opportunities for recovery in future contracts. Contact Adam Dimmick for more information at adimmick@bvccpa.com

 

Lease Accounting Changes

For E&P and services companies who rely on leasing capital equipment, the new lease accounting standards can have significant impact on financial statements and financial covenants. It is important to understand the implications on covenants currently being negotiated.

How to prepare: Briggs & Veselka audit professionals can assist in determining the potential impact of these new standards in advance of them going into effect and offer planning options to take a proactive approach with lenders and other users of financial statements. Contact Andy Kuntz at akuntz@bvccpa.com for more information.

Operations in Foreign Jurisdictions

The complexities of oil & gas operations are compounded in foreign jurisdictions from regulatory, tax, operations, and fraud standpoints. Many middle market E&P and services companies either don’t have the experience or the resources to address these issues.

How to prepare: Our international services group has extensive experience advising companies on entity structure, fraud issues, and other complexities that allow for efficient operations in foreign jurisdictions. We partner with legal, insurance, and other professional services to create seamless solutions for ventures into foreign jurisdictions. Contact Lien Le at lle@bvccpa.com for more information.

Andy_Kuntz

Andy Kuntz

Audit Shareholder, CPA 
akuntz@bvccpa.com
713-353-1902
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Lynell_Lilly

Lynell Lilly

Tax Shareholder, CPA 
llilly@bvccpa.com
713-353-1999
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TERRY_SHERILL

Terry Sherrill

Business Advisory Shareholder, CPA 
tsherrill@bvccpa.com
713-353-1998

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Terry Sherrill - OCS Services Overview

Fast Facts

  • Briggs & Veselka is a viable alternative to larger accounting firms whose fees may not be in line with the current state of the industry or whose service model or delivery team lack proactivity
  • Innovative solutions that provide opportunities for “found money” or cost reductions for companies wishing to right size their operations
  • Extensive experience in tax, audit, and transaction matters in the E&P and oilfield services value chain
  • We understand the unique capital structure of the E&P segment, and have deep experience within the PE and broader lending community—the fuel that drives the investment in the sector