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Technical Advisory

Opportune’s goal is to improve our clients’ business by enhancing processes, systems, people and organizations and supporting ongoing needs. Opportune can help clients navigate complex areas such as the financial reporting and tax impact of proposed transactions, new and changing FASB/SEC guidance and company risk management policies.

Opportune has significant experience with current energy industry practices to assist clients in the following:

Quarterly & Annual SEC Reporting

  • Preparation and review of SEC filings
  • Drafting management discussion and analysis (MD&A) and footnotes
  • Technical advisory on new reporting requirements
  • Responses to SEC comment letters
  • Asset retirement obligations (ARO)
  • Supplemental oil and gas disclosures (SMOG)
  • US GAAP to IFRS conversion

Development of Reporting Policies, Processes & Systems

  • Operational and financial reporting
  • Systems integration
  • Data management

Consolidation & Variable Interest Entities (VIE)

  • Review of proposed business structures
  • Identification of VIEs
  • Determination of the primary beneficiary
  • Consolidations

Share-Based Compensation

  • Plan design and modifications
  • Performance and market metrics
  • Liability awards

Debt/Equity with Conversion & Other Embedded Options

  • Distinguishing liabilities from equity mezzanine financing
  • Reporting for redemption options and make-whole features
  • Reporting and valuations for conversion options
  • Allocation of proceeds across multiple instruments

Carve-Out Financial Statements

  • Identification of the carve-out entity and operations
  • Inclusion of assets and liabilities, including derivatives and pushdown of debt
  • Allocation of income and expenses, such as share-based compensation, derivatives and income taxes
  • Impairment analyses

Derivative Instruments & Hedging Activities

  • Customized hedging strategies for achieving the client’s risk management goals
  • Developing reporting and risk management policies
  • Implementing hedge designations and documentation

Foreign Currency Matters

  • Determination of functional currency
  • Remeasurement, translation and presentation
  • Income taxes
  • System modifications
  • Valuations of foreign currency derivatives
  • Hedging activities

Reverse Mergers

  • Technical analyses and documentation regarding a reverse merger versus recapitalization
  • Drafting SEC pre-clearance letters and disclosures
  • Responses to SEC comments
  • Income tax expense due to change in tax status

Impairment Tests

  • Impairment of unproved leasehold
  • Full cost ceiling test
  • Impairment of oil and gas properties under the successful efforts method, including asset grouping, estimating future cash flows and reserves
  • Reporting considerations