Traverse Midstream Partners LLC was formed to rapidly build a high-value portfolio of non-operated midstream assets, quickly closing two highly accretive deals: the Rover Pipeline and the Ohio River System. Because of its non-operated structure, the firm required a lean corporate footprint but faced intense institutional pressure to manage over $800 million in equity commitments and secure total financing exceeding $2 billion. The client’s primary goal was to establish a flawless, institutional-grade financial reporting framework that could withstand rigorous quarterly reviews by their audit team at Grant Thornton, while simultaneously navigating complex technical accounting challenges.
Lacking the internal infrastructure to handle rapid scaling, debt upsizing, and complex derivative tracking, Traverse Midstream sought a specialized consulting partner to mitigate compliance risks. Opportune was uniquely qualified for the engagement due to our deep senior-level expertise in energy accounting and our agile implementation approach. Our proven track record in back-office energy accounting allowed us to step in immediately, ensuring the client could focus on asset performance rather than administrative bottlenecks.
Opportune rapidly deployed a multidisciplinary team combining our Business Process Outsourcing professionals and Complex Financial Reporting (CFR) experts to build a scalable back-office infrastructure. To streamline daily operations, we efficiently structured and executed comprehensive transactional reporting, including accounts payable, treasury management, and general and administrative (G&A) expense reporting. To ensure seamless midstream financial reporting compliance, our team meticulously prepared monthly management reports and quarterly financial statements, directly interfacing with Grant Thornton to maximize audit efficiency and deliver Provided by Client (PBC) schedules ahead of schedule.
Simultaneously, our CFR group provided critical technical accounting insights to navigate the client's evolving capital structure. When the client upsized its debt, Opportune accurately modeled and recorded the term loan and amortized costs in strict accordance with U.S. GAAP. Furthermore, we structured and implemented hedge accounting parameters to support the client’s new interest rate swap program. By delivering financial reports for debt covenant calculations and tracking asset expenditures, Opportune consistently protected the client’s financial standing and provided a secure foundation for ongoing investment tracking.
When you choose Opportune, you gain access to seasoned professionals who not only listen to your needs, but who will work hand in hand with you to achieve established goals. With a sense of urgency and a can-do mindset, we focus on taking the steps necessary to create a higher impact and achieve maximum results for your organization.