Midstream: Process & Technology: Crude First Purchaser Process & Systems Strategy and Implementation

Company is a publically traded Master Limited Partnership formed by the merger of two midstream companies.   Company owns and operates approximately 9,000 miles of gathering and transportation pipelines, 13 gas processing plants, seven fractionators, as well as barge and rail terminals, product storage facilities, brine disposal wells and an extensive crude trucking fleet.  Company’s crude first purchaser and water hauling business was growing rapidly, and the existing business processes and […]

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Oilfield Services: Tax: Indirect Tax Compliance

A global oilfield products and services company (the Company) based in Houston, Texas designs, manufactures and distributes products used in the exploration, development, production and transportation of oil and natural gas. The Company engaged Opportune’s tax team after recent growth due to multiple acquisitions. Opportune’s tax team was engaged to provide support for the state and local tax department, including assistance with tax compliance, sales tax software implementation, and sales […]

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Midstream: Process & Technology and Complex Financial Reporting: Process Documentation

One of the largest natural gas, oil, and NGL midstream MLPs in the United States (Midstream MLP) has grown rapidly through acquisitions and organic growth.  The resulting structure includes multiple publicly trading entities, over 500 legal entities, and dozens of joint-ventures.  Consolidations and financial reporting for the complex organization is a significant monthly, quarterly and annual process that relies on the unique knowledge of individuals versus standard institutional processes and […]

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Midstream: Process & Technology: Adapting to Change & Improving Longstanding Operating Models

A preeminent natural gas and NGL gatherer, processor and marketer (the Company) in the United States had grown significantly as the onshore shale drilling industry flourished.  The Company’s business processes, systems and organization were challenged by the unprecedented growth in volume, complexity and risk.  Operating silos emerged, communication broke down, and operational support costs (IT, accounting, scheduling and risk) grew significantly.  The Company enlisted Opportune to define their next generation […]

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Power & Gas: Complex Financial Reporting: Power Contracts

A large foreign multinational corporation (the Company) invests in power plants and renewable energy ventures in addition to its businesses in the manufacturing, trading, and financial services.  The Company had recently invested in a U.S.-based wind powered electricity generation facility (the windfarm).  To finance this project, the Company had executed a series of contracts to forward sell 100% of the power generated from the windfarm, along with all its environmental […]

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Oilfield Services: Complex Financial Reporting: Hedging with Derivatives

An oilfield services company (OFS Co.), engaged Opportune for assistance with implementing hedge accounting for their Euro denominated revenue contract. OFS Co. was concerned a strengthening U.S. dollar (USD) would erode the margin budgeted for the revenue contract.  Opportune provided guidance on hedge strategy development and presented the hedge accounting implications of each strategy.  OFS Co. entered into a foreign currency swap that was designated as a cash flow hedge. […]

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Commodities Trading & Logistics: Complex Financial Reporting: Accounting for Derivatives

Precious Metals Mining Company (PMM Co.) is a domestic publicly listed precious metals producer focused on mining, developing, and exploring properties.  It currently operates a wholly owned gold mine, in addition to a number of early and advanced stage exploration properties in the U.S.  PMM Co. consumes a significant amount of diesel fuel in its daily operating activities for transporting waste rock and ore in large haul trucks and for […]

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Downstream: Process & Technology: Enabling Commercial Success

Headquartered in Philadelphia, Pennsylvania, Sunoco is part of the Energy Transfer Partners, L.P. family of companies. Sunoco engaged Opportune’s Process and Technology practice to implement an integrated Energy Trade Risk Management (ETRM) System solution to support their Retail and Marketing business function. As Sunoco’s business model was evolving, Sunoco faced the challenge of re-tooling its IT infrastructure and applications portfolio.  Sunoco was replacing their mainframe-based legacy applications with current technology […]

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Midstream: Process & Technology: System Integration

An oil and gas midstream company (the Company) headquartered in Dallas, Texas, with midstream assets in Texas, Louisiana, and Marcellus regions, acquired natural gas assets in September 2014. The $235 million acquisition included 1400 miles of intrastate and interstate natural gas pipelines and 11 billion cubic feet of storage. The Company engaged Opportune to lead the integration of the acquired assets into their commercial, operational, and IT organizations.  Opportune’s Process […]

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Upstream: Complex Financial Reporting: Derivatives Valuation

Parsley Energy Inc. (Parsley) is an exploration and production company with operations in the Permian Basin and is based in Midland, Texas.  Opportune was engaged to assist Parsley through its initial public offering (IPO) process, including filing a registration statement on Form S-1 (S-1) with the U.S. Securities and Exchange Commission (SEC). Opportune’s derivative specialists worked with the complex financial reporting team to convert Parsley’s records from a cash basis […]

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