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Midstream: Outsourcing: Undisclosed: Back-Office Accounting Services

An undisclosed U.S. midstream oil and gas company (“the Company”) is an independent energy company focused on the development of midstream projects across North America. The Company selectively evaluates acquisition opportunities, with an eye toward the strategic expansion of underutilized assets in both mature and emerging shale basins.

Opportune’s Outsourcing professionals were engaged by the Company to provide back-office accounting services, including accounts payable, treasury and financial reporting. Additionally, the team creates monthly financial statements and helps with board of director presentations, as well as serve as the key contact for the audit, which occurred Q1 2019.

Opportune’s Complex Financial Reporting group reviewed the agreements for the client to evaluate variable interest entity (VIE) status and valuation of assets purchased.

Opportune adds value to the client by assisting in management reporting, tracking expenditures and investments in the assets, and in providing financial reports for debt covenant calculations. In addition to the recurring monthly deliverables provided to the client, Opportune serves in an advisory capacity for complex financial issues, such as equity method accounting, debt modification, premium amortizations and any other accounting or industry questions that arise.

Opportune Outsourcing currently provides back-office services for more than 200 public and private companies across the world. Our outsourcing team offers expertise in transactional reporting, land administration and reporting, joint interest billing, accounts payable/receivable, production allocation and reporting and software system administration. For more information, CLICK HERE.

Carl Wimberley

PartnerOpportune LLP