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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 reporting capabilities.

Opportune was engaged to lead the effort to create process documentation for the monthly and quarterly Financial Reporting consolidations of all Midstream MLP entities.  A recent merger and a change in executive management resulted in the decision to relocate the Financial Reporting Group from one office to another, with the bulk of the existing team opting to not relocate.  No detailed process documentation existed to provide training and knowledge transfer for new hires. Midstream MLP’s SEC reporting faced significant risks that had to be mitigated.

The engagement represented a joint effort between Opportune’s Process and Technology group and the Complex Financial Reporting group.  Leveraging the financial reporting, process documentation, and training development expertise of both groups allowed Opportune to quickly get up-to-speed and understand the financial reporting and treasury processes.  Opportune was uniquely qualified with technical financial understanding, SEC reporting experience, and process definition skills.

Complex organizations and reporting structures evolve over time and are often the result of acquisitions and tax strategies.  While complex, they usually exist for valid and specific reasons.  Opportune brings energy, process, financial reporting and tax experience to organizations that can dissect complex structures and deliver sustainable long-term solutions.  For more information click here.

Kurt King

PartnerOpportune LLP