EXPLORATION & PRODUCTION SERVICES

 

At Emergent Partners, we understand the unique needs of companies engaged in oil and gas exploration and production and the challenges they face. Consequently, we have developed a full range of services geared towards these companies to help them achieve the operational excellence needed to compete in a constantly changing market.

Our exploration and production company services cover the following areas:

Accounting & Finance

  • Revenue Accounting & Reporting
  • Complex Joint Venture Accounting
  • Internal & External Financial Reporting
  • Derivative, Intercompany & Other Technical Accounting
  • Production Accounting
  • SEC Filings
  • Joint Interest Billing
  • Oil & Gas Asset Accounting
  • Complex Reconciliations

Regulatory/Compliance
/Audit Services

  • Federal & State Regulatory Reporting
  • Royalty Reporting
  • Sarbanes-Oxley (SOX)
  • Foreign Corrupt Practices Act (FCPA) Compliance
  • Internal Controls
  • Joint Venture Audit
  • ONRR Audit
  • Risk Assessment & Management
  • Internal Audit Assistance
  • Vendor Audits
  • Quality Management Systems
  • Oil & Gas Operational Audit
  • Severance Tax

Special Projects

  • System Implementations & Conversions
  • Business Process Improvement
  • Project Accounting & Reporting
  • Transaction Assistance Including Mergers & Acquisitions
  • Cleanup & Reconciliation
  • Project Management
  • Business Intelligence
  • Accounting Methodology Conversions

When a publicly-traded Exploration & Production Company found themselves facing a variety of issues and inefficiencies with several Accounting & Finance functions, we were prepared to meet the challenge. Providing a combination of specialized consulting and staffing services, we devised and implemented a variety of critical process changes which corrected the determined issues and inefficiencies. These changes included:

  • System Selection and support transition of data for a Midstream company after large Upstream acquisition
  • Backfill entire revenue function during SAP-PRA and QRA system implementation
  • Closing statement reporting and support
  • Joint Venture, Revenue and Vendor Audit activities
  • Conversion from Full Cost Accounting to Successful Efforts Accounting for IFRS reporting purposes.

With the implementation of these improvements, this Exploration & Production Company was able to handle its continued, rapid growth as well as prepare for future challenges.

When an exploration and production company found themselves subject to an ONRR audit of royalty payments and production reporting, they turned to us to help them draft their response. Noticing significant deficiencies in their reporting system, we reworked the system to comply with audit findings and new ONRR requirements and systems. Once the rework was complete, we implemented new processes and trained existing staff to correctly calculate and report royalties, allowances, and reporting volumes and use the new ONRR electronic system for filing, tracking balances and payment applications, and handling payments of estimates and rents.

With our help, this company was able to get through their audit with minimal business interruption and put processes in place which not only allowed future audits to run smoothly, but greatly reduced the chances of overpayments in the future.

Our consultants played several pivotal roles during an Oracle implementation for an exploration and production company. Providing assistance throughout the project lifecycle, we focused on the following key areas:

  • Served on the software selection team that matched business requirements with available software capabilities using a deep understanding of how the new system would need to interact with international operations.
  • Participated in project planning by developing and implementing the new Chart of Accounts and legacy system crosswalk, determining country-specific requirements for international locations prior to implementation, and designing inventory management applications and corresponding business processes.
  • Provided project management for several accounting and reporting aspects of the implementation as well as implementations for all international entities. Managed business process integration and coordinated the efforts of both IT and business process owners.
  • Developed and deployed a wide variety of post-implementation enhancements to improve the accuracy and usability of the new system.

With our assistance this company was able to avoid significant issues that normally affect complex, international system implementations and was left with a more effective system implemented around well thought out business requirements with proper business process integration.