Energy

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, wealth management and litigation aspects of the energy industry and has decades-long relationships with energy clients serving as their business advisors.

What We Do

We provide a number of services specific to each industry of focus. See below to learn more about a few that we have chosen to highlight here.

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.

Forensic, Litigation, and Valuation Services (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.

Wealth Advisory

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

Consulting

Our oil and gas consultants are positioned to add value to your company by providing solutions for operational and accounting challenges. Our team is skilled at complex financial reporting, technical advisory, new accounting guidance implementation, system implementation, Data Products & Strategy, and Mineral & Asset Management. We also offer outsourced accounting solutions through our Client Accounting & Advisory Services team. We represent energy investors or operators, and our professionals are 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.

Fund Administration

Our fund administration team works closely with our oil and gas outsourced accounting group to create efficiencies that save clients both time and money. Investment tracking and valuation at the asset level directly feeds into fund financials and investor reporting. Bundling multiple Client Accounting & Advisory Services offerings with Whitley Penn results in maximizing information flow and reducing service costs.

Tax

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.