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
  • State and Local Tax (SALT)

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.

Terry_Sherrill

Terry Sherrill

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

Lynell_Lilly

Lynell Lilly

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

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
Find All Energy Services Professionals
    Adam Dimmick Audit Shareholder, CPA, CGMA adimmick@bvccpa.com 713-353-1954 EDUCATION B.S. from the University of Redlands in Redlands, California CERTIFICATIONS Certified ...
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    Bill Penczak Managing Director, Practice Development bpenczak@bvccpa.com 713-353-1918 EDUCATION University of Texas B.S. in Advertising; graduated with Honors AAAA Executive Leadership ...
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    Bob McDonaldTax Shareholder, CPA bmcdonald@bvccpa.com 713-353-1905 EDUCATION B.B.A. in Accounting from the University of Houston CERTIFICATIONS Certified Public Accountant – ...
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    Dan St.ClairAudit Director, CPA dst.clair@bvccpa.com 713-353-1974 EDUCATION B.B.A. in Accounting  from the University of Houston CERTIFICATIONS Certified Public Accountant – Texas ...
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    David Phelps Business Advisory Shareholder, CPA dphelps@bvccpa.com 713-353-1941 EDUCATION B.S. in Accounting from the University of Houston CERTIFICATIONS Certified Public ...
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    Forest Xu Tax Shareholder, CPA fxu@bvccpa.com 713-366-8529 EDUCATION Miami University of Ohio Master in Accountancy CERTIFICATIONS Certified Public Accountant – ...
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    Gary TrochtaCPA, Tax Shareholdergtrochta@bvccpa.com979-543-1040 EDUCATION Texas State University B.A. in Accounting Graduated with Honors CERTIFICATIONS Certified Public Accountant – Texas ...
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    Hernie Antonio Audit Director, CPA hantonio@bvccpa.com 713-366-8530 EDUCATION University of the East, Manila, Phillippines CERTIFICATIONS Certified Public Accountant – Texas ...
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    Jamie SylvesterAudit Shareholder, CPAjsylvester@bvccpa.com713-353-1931 EDUCATION B.M. from the University of Lethbridge in Canada Graduate of the Northern Alberta Institute of ...
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    Jason Liu Audit Shareholder, CPA jliu@bvccpa.com 713-366-8563 EDUCATION University of Houston MBA CERTIFICATIONS Certified Public Accountant – Texas INDUSTRIES Biotech Construction ...
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    Jason Sharp Tax Shareholder, CPA, JD, LLM jsharp@bvccpa.com 713-366-8562 EDUCATION B.B.A. in Accounting from the University of Houston Juris Doctorate ...
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    Jeff Mealer State & Local Tax Manager, CPA, JD jmealer@bvccpa.com 713-366-8511 EDUCATION JD from Texas Tech University MBA in Accounting ...
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    Joe Alcorta Audit Principal, CPA jalcorta@bvccpa.com 713-353-1978 EDUCATION University of Houston B.S. in Accounting CERTIFICATIONS Certified Public Accountant – Texas ...
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    John CooneyState & Local Tax Shareholder, CPA jcooney@bvccpa.com 713-353-1903 EDUCATION B.B.A. in Accounting from Texas Tech University CERTIFICATIONS Certified Public ...
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    John FlatowiczAudit Shareholder, CPAjflatowicz@bvccpa.com713-667-9147 EDUCATION University of Nebraska B.S. in Accounting The University of Texas Master in Professional Accounting CERTIFICATIONS ...
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    Julia Suchman Tax Director, CPA jsuchman@bvccpa.com 832-463-4089 EDUCATION Texas A&M University B.B.A. in Accounting CERTIFICATIONS Certified Public Accountant – Texas ...
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    Kerry KilgoreAudit Shareholder, CPAkkilgore@bvccpa.com713-366-8523 EDUCATION Abilene Christian University Masters of Accountancy CERTIFICATIONS Certified Public Accountant – Texas INDUSTRIES Energy Healthcare ...
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    Kevin Hengst Audit Principal, CPA khengst@bvccpa.com 713-366-8514 EDUCATION University of Houston Honors College B.B.A. in Business Administration CERTIFICATIONS Certified Public ...
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    Laura Freudenberger Audit Shareholder, CPA lfreudenberger@bvccpa.com 713-353-1916 EDUCATION B.S.B.A. from Ohio State University M.B.A. from the University of New Orleans ...
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    Lynell LillyTax Shareholder, CPA llilly@bvccpa.com 713-353-1999 EDUCATION B.S. in Accounting from Houston Baptist University CERTIFICATIONS Certified Public Accountant – Texas ...
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    Marilyn FowlerTax Director, CPA mfowler@bvccpa.com 713-353-1908 EDUCATION University of Houston M.S. in Accountancy CERTIFICATIONS Certified Public Accountant – Texas INDUSTRIES ...
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    Meresa Morgan ERISA Practice & Audit Department Chair, CPA mmorgan@bvccpa.com 713-353-1921 EDUCATION B.S.B.A. in Accounting from Auburn University CERTIFICATIONS Certified ...
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    Michelle Mullen Tax Shareholder, CPA mmullen@bvccpa.com 713-366-8560 EDUCATION Washington State University MBA B.A. in Business Administration B.S. in Agribusiness CERTIFICATIONS ...
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    Rick WesterfieldTax Shareholder, CPA rwesterfield@bvccpa.com 832-463-4116 EDUCATION Baylor University CERTIFICATIONS Certified Public Accountant – Texas INDUSTRIES Agriculture Energy Financial Institutions ...
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    Rubik YeriazarianForensic, Valuation & Litigation Support Principal, CPA, CFE, CFFrubiky@bvccpa.com713-366-8527 EDUCATION University of Houston BBA in Accounting Masters of Accountancy ...
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    Sheila EnriquezManaging Shareholdersenriquez@bvccpa.com713-667-9147 EDUCATION B.S. in Public Accounting, summa cum laude, from Mercy College M.B.A. at Long Island University, with ...
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    Sonny Brandtner Risk Senior Director, CPA, CFE sbrandtner@bvccpa.com 281-917-7541 EDUCATION B.B.A in Accounting from University of Texas - Austin CERTIFICATIONS ...
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    Terry Sherrill Business Advisory Shareholder, CPA tsherrill@bvccpa.com 713-353-1998 EDUCATION B.B.A. in Accounting from the University of Houston CERTIFICATIONS Certified Public Accountant ...
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    Thao GrieppFVLS Senior Manager, CPA, J.D. tgriepp@bvccpa.com 832-463-4137 EDUCATION University of Texas - Austin BBA in Accounting MPA University of ...
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    Xin Xin Tax Shareholder, CPA xxin@bvccpa.com 713-366-8501 EDUCATION Texas A&M University Beijing Medical University CERTIFICATIONS Certified Public Accountant – Texas ...
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