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. Our team understands the audit, tax, consulting and litigation aspects of the energy industry and has decades-long relationships with energy clients serving as their business advisors.
Audit and Assurance
Our energy audit team is skilled in completing employee benefit plan audits, revenue and expense audits, and assistance in FIN 48 and FAS 109. We have long relationships with many of our clients and have watched them evolve over time. Whether that be through an internal control audit, or assisting with a merger or acquisition, we are prepared to be that resource for you.
Our team understands the tax aspects of oil and gas quantity limitations, calculations of depletion, and intangible drilling cost deductions. The industry can be challenging from a financial perspective, but we are prepared to lessen the burden for you. Our team can prepare federal and state tax returns, and calculating the remainder of your depleting asset, providing consultations on a case-by-case basis.
We are positioned to add value to your company. Our Oil and Gas Consultants work with our clients to provide solutions to their operational and accounting challenges. The team is skilled at complex financial reporting, technical advisory, new accounting guidance implementation, system implementation and Mineral & Asset Management. We also offer outsourced accounting solutions through our WP Edge team. We represent energy investors or operators and our team is skilled in bookkeeping and general ledger accounting using OGSYS® software. The team can also take care of monthly revenue distribution, preparation of revenue and joint interest billing, filing of tax reports and finalizing required financial reporting and board packages.
Forensic, Litigation, and Valuation (FLVS)
Our FLVS team is experienced in providing oil and gas business valuations, accounting services relating to the dispute of ownership, calculation of damages and lost profits and expert witness testimony. For more information on what the FLVS team can offer, visit their professional biographies.
In a fluctuating market such as energy, financial planning and cash flow management are imperative to preserving and protecting wealth. Our wealth advisors assist with diversifying investments so you can maintain a consistent investing strategy independent of current market conditions.
Our wealth team can also assist with:
- Qualified plan design
- Succession planning
- Stock options planning
- Employee Retention Credit (ERC) advisory