Main content

OUTSOURCING OVERVIEW

Opportune’s oil and gas outsourcing services provide our upstream, midstream and first purchaser clients with improved efficiency in the daily business of transactional processes and reporting, allowing them
to focus on operations, strategic planning and business plan execution. With a skilled, right-sized staff using high-quality technology, our oil and gas back-office lowers costs and allows for instant scalability, giving our
clients the ability to react as their business needs change. In a time when efficiencies are a must, outsourcing is a perfect solution that provides reliability and continuity.

Transactional Reporting

We understand the importance of accurate and timely transactional reporting and have the flexibility to act when and how specified by the client.

Revenue Distribution

Using the source data files, professionals at Opportune process revenue in regular intervals and in accordance with industry standards.

We have the ability to:

  • Code and input quantities and values into the revenue
    system by month
  • Verify prices received on oil and gas contracts
  • Set up and maintain oil and gas revenue division of interest
    disbursement decks
  • Process data relative to revenue payment to other working
    interests or royalty owners
  • Reconcile and monitor revenue clearing and suspense
    accounts monthly
  • Prepare and file severance tax reports with the appropriate
    state and regulatory agencies
  • Prepare gas balancing statements
  • Provide integrated system-generated reports
  • Maintain general ledger and subsidiary ledgers
  • Process and report on a monthly schedule determined by client

Land Administration & Property Reporting

Keeping track of lease and property data is paramount for any oil and gas operation. Opportune employs experts in land administration and property reporting to organize and maintain various subsets of information, thereby streamlining transactional processes within the business. By maintaining property information reports and preparing related lease operating statements by both production month and
accounting month, we increase the ways in which clients can access and interpret data. We also calculate and maintain book depreciation, depletion and amortization, and asset retirement obligation schedules based on proved reserve data.

Opportune not only sets up and maintains lease and well masters based on each client’s data files, but we also:

  • Maintain contract information
  • Generate and mail division orders
  • Maintain acreage inventory and ownership interest of participants
  • Generate monthly rental/obligation calendars
  • Process delay rentals
  • Bill land participants
  • Generate lease data sheets
  • Make appropriate division of interest (DOI) changes applicable to revenue and joint interest billing (JIB)
  • Provide first purchaser transaction recording, processing and reporting

Joint Interest Billing 

Opportune’s outsourcing practice for upstream companies prepares and processes thousands of joint interest billings every month. In addition to preparing and processing joint interest billings, we also work to:

  • Maintain monthly allocation charges
  • Generate cash calls and prepayments
  • Make initial contact to collect delinquent joint interest receivables
  • Set up and maintain division of interest billing files
  • Provide detailed expense and capital analyses
  • Reconcile related general ledger accounts and provide corrective action
  • Respond to working interests related to joint billing invoices
  • Record material transfers
  • Maintain authorizations for expenditures (AFEs) and report variances
  • Interface with other software solutions for electronic processing

Accounts Payable/Receivable

Managing the daily flow of invoicing and billing is an essential operation within any business. At Opportune, we understand this vital account activity requires close scrutiny, with attention to detail and accurate execution. As our back-office professionals receive and process coded administrative and operational invoices, we employ an accounts payable system to verify approval authority and limits based on the specific criteria each client sets before any checks are printed. Our system also gives us the capabilities to:

  • Maintain voucher logging to track the location of unpaid invoices
  • Receive and respond to vendor inquiries as long as invoices are paid within invoice terms
  • Review, monitor, analyze and resolve any over/under billings, suspense issues, etc.
  • Enter and apply coded cash receipts
  • Generate aging reports
  • Interface with other software solutions for electronic processing

Production Allocation & Reporting

Opportune also offers production allocation and reporting services, including, but not limited to:

  • Computing and allocating monthly production based on well status, days produced during the month and well tests as provided by client
  • Entering production data into system using source documents as provided by client
  • Preparing and filing production reports with the appropriate state and regulatory agencies

Software Systems

By using top-quality software and programs in our backoffice services, Opportune is able to manage and streamline transactional operations and reports electronically, giving clients real-time access to project information, well and lease data, accounts payable/receivable, land and production reports, tax information and more.

CLICK HERE TO DOWNLOAD ONE-PAGE FLYER