Josh Sherman

Industry Sectors

  • Upstream
  • Midstream
  • Downstream
  • Oilfield Services
  • Power & Gas
  • Commodities Trading & Logistics

Principal Areas of Practice

  • Technical Research
  • SEC Reporting
  • Financial Due Diligence
  • Reviews Contract & Derivative Instruments

Professional Experience

Josh is the Partner in charge of the Complex Financial Reporting group of Opportune. Josh has over 18 years of experience in providing clients across the energy spectrum with technical research, capital markets and SEC reporting assistance. Josh specializes in initial public offerings, variable interest entities, purchase price allocations, energy trading and derivatives, stock-based compensation and oil & gas disclosures. Prior to joining Opportune, Josh worked in the audit and global energy markets department with Deloitte & Touche, where he managed the audits of regulated gas and electric utilities, independent power producers, and energy trading entities.  Josh previously served on the board of directors as Audit Committee Chairman of JP Energy GP II LLC (MLP), Trans Energy, Inc and Voyager Oil & Gas (Emerald Oil).

Representative Projects

  • Leads all aspects of clients’ IPO process, including identifying and resolving SEC reporting issues, drafting the Registration Statement, managing the audit process, drafting SEC pre-clearance  letters and responses to SEC comment letters, and managing the SOX compliance process.
  • Successfully pre-cleared numerous financial reporting matters with the SEC Office of the Chief Accounting on behalf of clients in the E&P, power, midstream and oilfield service sectors. Previously served as interim Chief Accounting Officer for Southern Union.
  • Technical advisor to Opportune’s oil and gas back-office outsourcing clients (client base exceeding 200 entities) on best practices related to the record keeping, valuation and disclosure of their E&P activities, which include operated and non-operated working interests, royalty and profit interests, and private equity/joint venture investments.  Previously served as interim Chief Accounting Officer for Memorial Production Partners.

    Leads technical support and documentation of material transactions for our clients.  Representative projects include:

    • Reporting procedures for gas and coal trading operations, including the documentation successfully supporting “normal” accounting treatment to the clients’ management and auditors.
    • Purchase price allocations/reporting for multi-billion dollar acquisition of midstream and oil & gas operations
    • Led the implementation of Variable Interest Entity and Consolidation pronouncements for every sector of the energy industry, dating back to the first FIN 46 implementation audited by PwC worldwide.
    • Valuation and reporting for both public– and private-entity compensation plans, using Monte Carlo and lattice models as applicable, including equity or “liability” plans with performance/market metrics and ratchet-down provisions.
    • Identification and valuation of embedded derivatives within convertible debentures.