Private, public and private equity companies in the energy industry consistently choose Whitley Penn because of our depth of energy industry accounting knowledge and superior client service. We understand the audit, tax, and consulting aspects of the energy industry. Whitley Penn has decades-long relationships with energy clients because we become their business advisor and have years of stability in working with them.
Energy Industry Audit and Assurance Services
Whitley Penn gives you understandable, usable information with an industry insider’s perspective.
We focus on the guidance you need for:
- Audit, review, and compilation services of financial statements of both public and private entities. Our public entities are traded on the United States, Canadian and London based exchanges.
- Reporting in the U.S. and International Financial Reporting Standards (IFRS).
- Agreed-upon procedures
- Audit of revenue and expenses in conjunction with royalty and lease agreements
- Employee benefit plan audits for 100-plus employees
- FIN 48 and FAS 109 assistance in documenting uncertain tax positions
- Full cost/successful efforts conversion
- Internal control evaluations and risk assistance
- Internal audit assistance
- Merger and acquisition support
- Sarbanes-Oxley compliance
Energy Industry Tax Services
As tax advisors to many oil and gas investors as well as energy exploration and production companies, our professionals understand the tax aspects of oil and gas quantity limitations, calculations of depletion, and intangible drilling cost deductions.
- We can guide and direct you through the complexities of the energy industry by:
- Preparation and consulting on federal and state tax returns.
- Tax consulting related to purchases and sales of oil and gas properties.
- Consulting services related to the choice of entity for investors, operators, and developers.
- Advice on complex structures such as master limited partnerships and resulting partnership allocations.
- Calculations of depletion including quantity limits.
Virtual Back Office (VBO)/Accounting Support Services
Whitley Penn can also be the Virtual Back Office for energy investors or operators. We use the latest accounting software tools, but we believe that the human touch is most important in providing such services as:
- Bookkeeping and general ledger accounting for oil and gas investors and operators using OGSYS and WolfePak.
- Monthly revenue distribution including the processing of monthly revenue statements.
- Preparation of revenue checks and monthly distribution to property owners.
- Monthly joint interest billing (JIB) processing including recording vendor invoices, allocation of expenses to property owners, and preparation of monthly JIB statements.
- Preparation and filing of monthly severance tax reports, state withholding remittance, and Federal MMS reporting.
Energy Industry Forensic, Litigation, and Valuation Services
Whitley Penn’s Forensic, Litigation, and Valuation Services (FLVS) team possesses vast knowledge in the energy industry and has extensive experience providing services to a broad range of clients in the oil and gas industry, including exploration and production companies, oilfield service companies, oil and gas investors, and individuals owning mineral working and royalty interests, among others. The services provided by the FLVS team include:
- Business valuations of exploration and production companies, oilfield service companies, midstream companies, and other companies related to the oil and gas industry
- Valuation and consulting for families and individuals owning mineral working or royalty interests for divorce, estate, and gift tax, and other purposes
- Accounting services related to disputes over ownership of mineral interests and related income and expenses
- Tracing and forensic accounting related to disputes over the revenue and expenses arising from ownership of minerals interests
- Calculation of damages and lost profits for oil and gas related issues
- Expert witness testimony for oil and gas related litigation
Whitley Penn’s forensic, litigation, and valuation professionals and testifying experts have additional experience. This can be obtained by viewing their service descriptions and individual biographies.
Energy Industry Knowledge
Clients attest that Whitley Penn’s approach is hands-on in this industry: we know its ins and outs and want you to understand how it serves as the foundation of the tax, audit or consulting advice we provide. Your Whitley Penn advisor stays current on what’s happening in energy by participating in trade shows, attending meetings of and active participation in:
- North American Petroleum Expo
- Fort Worth Wildcatters
- Young Professionals in Energy
- Texas Independent Producers & Royalty Owners Association (TIPRO)
- Independent Petroleum Association of America (IPAA)
- Council of Petroleum Accountant Societies (COPAS)
- Financial Executives International (FEI)
- Association for Corporate Growth (ACG)