Oil & Gas

Soon after the first barrel of oil is lifted, an oilman is born. Many a tycoon’s excitement quickly diminishes when the complexities of accounting for this new venture become a reality. He quickly realizes the IRS wants a large portion of his newfound wealth and that the person missing from his success team is his CPA.

Our team of oil and gas professionals understands the complexities of oil and gas accounting and taxation. Whether you are a private-equity-backed entity, large independent producer, oilfield service company, or a high-net-worth investor, our team has the experience and expertise to handle your oil and gas tax and accounting issues.

Tax

With the top tax rate at 37%, tax planning and compliance is a key component to a successful oil and gas company. Let us work with you to design a tax structure that positions you to fully benefit from the ever-changing and increasingly complex tax code. Key tax services for the industry include:

• Alternative minimum tax planning
• Proper deduction of drilling costs
• Computation of cost depletion
• Computation of percentage depletion
• Like-Kind exchange/gain deferrals
• Depreciation planning
• Mergers and acquisitions
• Subleases

Accounting Outsourcing

From the start or when you are tired of the stress that comes from managing an accounting department, our team is ready to be your back-office. Our services will be tailored to meet your accounting needs. Some of our most requested oil and gas accounting services include:

• Joint interest billings
• Revenue distribution
• Accounts payable management
• Accounts receivable management
• Payroll preparation and compliance
• Severance tax report preparation
• Bank reconciliations
• Financial statement preparation
• Liaison for auditors
• General ledger maintenance

Audits & Reviews

For companies whose financial statements are required to be audited or reviewed, having an audit team that knows the difference between G&G costs or IDC is a must. If your company has an auditor, but needs help preparing the necessary schedules and disclosures to minimize disruptions or excess workload, give us a call about pre-audit preparation assistance.

Controller /CFO

A review of your accounting department processes and procedures will help ensure that you are capturing the data needed to make appropriate decisions in the field. Do you need higher level management on a part-time basis? Our contract controller or CFO’s goal is to build or refine your accounting systems in order to provide you relevant accounting data for your decision-making process

Out of State Clients

Living in Texas is not a requirement. With today’s technology, we are able to service many O&G clients from non-O&G states. We are also available to work with CPAs in non-O&G states to prepare the required income tax schedules for their clients’ oil and gas investments.

Contact our Oil and Gas Team for a free initial consultation regarding your business needs. We are ready to develop a customized strategy to help your business achieve success!