Oil and Gas
Drilling into challenges and exploring financial opportunities
Dealing with commoditization, long periods of boom or bust, pricing fluctuations, and generational gaps in the workforce, among a host of other issues, makes how you manage the accounting, finance, and operations of your upstream oil and gas business a monumental challenge. Adding international politics and policies into the mix creates unknowns that change daily, all of which impact your top and bottom lines.
You may face critical challenges including dealing with commodity pricing, over burdensome regulations, and the quality and quantity of the workforce, to name a few.
Upstream energy businesses call on us to guide them through the multitude of obstacles they face like operations, production, regulatory, financial, and taxation issues. These businesses include small and medium-size independent oil field service companies, exploration and production, and refining companies, engineering (project management and construction) companies, and engineering consulting firms.
Though there are certainly challenges in the energy industry, the future is bright, and opportunities are abundant.
Solutions
Adams Brown provides the following services to companies, partnerships and joint ventures in the oil and gas industry:
Agreed Upon Procedures, Review and Compilations
Services for providing insight into the accuracy and validity of your oil or gas business’ accounting and financial information to discover and correct issues, install controls, assist with financial decision making, and respond to 3rd party financial information requests.
Business Advisory and Consulting
For oil and gas businesses seeking guidance in areas such as strategic planning, growth opportunities, business transformations, or selling, merging, or transitioning their businesses in response to new situations.
Outsourced Client Accounting
For oil and gas companies seeking to make managing their business easier via outsourcing back office accounting functions like payroll, accounts payable and accounts receivable, analyzing areas for automation and implementing cloud-based solutions, and training staff on new software and procedures.
Tax Planning and Compliance – Business
Tax minimization strategies and tactics at the corporate level with a focus on capturing relevant Federal and State of Kansas incentives, credits and deductions for oil and gas companies.
Tax Planning and Compliance – Individual
Tax minimization strategies and tactics for individual oil and gas company owners or families with a focus on opportunities under the new Tax Cut and Jobs Act and recent changes to State of Kansas tax requirements. We also help with tax strategies related to succession planning and exiting the business.
Wealth Management
We help oil and gas company owners or families develop and implement customized strategies for achieving long-term goals, strengthening your financial security and maintaining your quality of life.
Other Adams Brown Solutions
For a confidential discussion of your issues and needs, please contact our Oil and Gas Team Leader, Nicole Koelsch, using the fillable “Contact Us” form on this page.
What’s Next
Emerging technologies like artificial intelligence and robotics are beginning to change the way we do business in the Oil & Gas industry.
Though the space is slower to adopt new technologies, the industry is still faced with disruptors. Adoption of these new innovations is key to continued future success.
Oil and Gas Team Leader:
Nicole Koelsch
Contact Us:
Recent Posts
Payroll Protection Program Updates for the Oil & Gas Industry
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Adams Brown Partners with KIOGA for Industry Update Webinar On Monday, May 4, 2020, Adams Brown partnered with the Kansas Independent Oil and Gas Association (KIOGA) to provide our clients…