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Transactional Due Diligence

With decades of energy market experience, relevant sources of value, risk, and successful transactions, we add value to corporate and private equity clients using due diligence and critical assessments.

To accomplish our goals, we combine all internal resources, including a team of expert and tenured professionals within finance, tax, process and technology, due diligence, and valuation.

Opportune has added value to over $100 billion of public and private transactions globally.

Deliverables

Our transaction advisory assignments are considered beyond valuable by clients due to the diligence we apply to each critically important component within the transactions.

We work with a sense of urgency and focused discipline to deliver outstanding service within mandated time frames.

We are well-versed in the technical aspects of all forms of financial transactions involving the energy sector, including:

  • Asset and corporate merger transactions
  • Joint venture and structured finance arrangements

Areas of Expertise:

Case Studies

Upstream: Restructuring/investment Banking: Renaissance Offshore: Financial Advisor In Out-of-court Restructuring

Upstream: Restructuring/Investment Banking: Renaissance Offshore: Financial Advisor In Out-Of-Court Restructuring Renaissance Offshore (“the Company”) was founded in December 2011 as an acquirer and developer of legacy oil fields in the… [...]

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Downstream: Process & Technology: Etrm Support

PBF Holding Company, LLC, (PBF) is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. PBF initially engaged Opportune to help define its overall IT s... [...]

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Upstream: Corporate Finance: Final Settlement Statement And Transition Services Statement Review

A Houston-based, private-equity backed exploration and production company (the Company) is focused on the acquisition and development of producing oil and gas assets in North America. The Company purchased offshore properties located in the Gulf of Mexico from an undisclosed seller (the Seller) ef... [...]

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Upstream: Outsourcing/transactional Due Diligence: Asset Transaction/transition

“Project Charlie” was an asset acquisition led by a leadership team backed by a private equity (PE) firm. The leadership team was assembled for this transaction and it didn’t hold any other assets previously. The asset consisted of 1,000 operated wells and 400 non-operated wells that included lease... [...]

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Downstream: Process & Technology: Andeavor: Sap S/4 Hana Implementation

Andeavor (“the Company”), acquired by Marathon Petroleum Corp. in 2018, is an oil refining company headquartered in San Antonio, TX. Opportune LLP worked as a part of the SAP delivery organization to assist Andeavor to deliver “Project One”, the program to implement a full suite of SAP S/4 HANA. Th... [...]

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Upstream: Transactional Due Diligence: Transaction Advisory Merger Services

Two oil and gas operators, one public and one private, completed a merger in February 2019 to combine into a new publicly traded operating entity under a different name. The new company is focused on developing unconventional resources in the Marcellus/Utica shale plays. Opportune was engaged to pr... [...]

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Upstream: Transaction Support: Smash-co

In August 2019, Opportune was engaged to provide advisory services and aid in the consolidation of a private equity investment firm’s (“Private Equity Firm”) current portfolio. Private Equity Firm operates… [...]

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Upstream: Transactional Advisory/support: System Conversion – Excalibur To Ogsys

The Company is a privately held oil and gas company with exploration and production (E&P) operations focused on offshore Gulf of Mexico (GoM). In May 2019, the Company engaged Opportune to complete a conversion of the acquired company’s master data and transaction history from Excalibur to OGsys, t... [...]

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Upstream: Transactional Advisory: Merger Integration

A Houston, Texas-based publicly traded oil and gas operator with operations in Texas, Louisiana, California and the Rockies, (“the Company”) completed a merger of equals with a Tulsa, Oklahoma-based operator (“the merging entity”). The merger resulted in the Company incorporating Oklahoma assets in... [...]

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Manufacturing: Complex Financial Reporting: New Market Tax Credits

A public company (“the Company”) is a leading manufacturer of heating and cooling products. The Company received a $23 million New Markets Tax Credit (NMTC) allocation for its new facility expansion at its Longview, Texas manufacturing plant. The NMTC program was created under the Community Renewal... [...]

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Upstream: Complex Financial Reporting: Revenue Recognition & Lease Accounting Implementations

A private E&P company (“the Company”) is expanding through an asset acquisition and development in the Eagle Ford Basin. The Company engaged Opportune’s Complex Financial Reporting professionals to assist with its revenue recognition (“ASC 606”) and lease accounting (“ASC 842”) implementations in c... [...]

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Upstream: Restructuring: Petroquest Energy: Chapter 11 Bankruptcy Reorganization

Lafayette, Louisiana-based PetroQuest Energy Inc. (“the Company”) operates as an independent oil and gas company in Texas and Louisiana. In November 2018, The Company filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Houston, citing a reorganization plan to eliminate $204.5... [...]

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Upstream: Restructuring: Gastar Exploration: Financial Advisor For Restructuring & Reorganization

In late October 2018, Gastar engaged Opportune after it had entered into a restructuring support agreement (“RSA”) with certain holders of Claims and Interests, including the Term Lender, the Second Lien Noteholders and certain holders of Existing Common Interests. To implement the terms of the RSA... [...]

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Upstream: Process & Technology: Asset Maintenance & Service App

The company engaged Opportune to implement a system that would serve as a central hub for all information and activities related to asset service and inspections. Building on the inherent strengths of the Salesforce platform, Opportune recommended, implemented and customized Salesforce Field Servic... [...]

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Downstream: Process & Technology: Mass Balance/inventory Management Systems

Opportune is partnering with an undisclosed oil refiner (“the Client”). The complexity of the refinery and its strategic position allow it to be ideally situated to participate in the International Maritime Organization (IMO) 2020 regulation, which will require ocean-going vessels to cap the amount... [...]

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Downstream: Process & Technology: It Infrastructure & Systems Cutover

The Company engaged Opportune to manage the IT infrastructure and systems cutover plan. This included assessing the scope of systems being transitioned, coordinating the various teams and monitoring the progress and issues during the cutover weekend. Opportune was also engaged as the project manage... [...]

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Midstream: Outsourcing: Traverse Midstream: Financial Reporting & Compliance

Opportune’s Outsourcing professionals were engaged by the client to provide back-office accounting, including accounts payable, treasury and financial reporting. Opportune’s Complex Financial Reporting team provides technical accounting insights related to the Company’s debt and how it should be re... [...]

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Transforming Customer Service In Downstream With Salesforce

The refiner engaged Opportune because of its industry and technology expertise, plus Opportune’s ability to innovate in new and agile ways. By leveraging the power of the Salesforce platform and its Sales, Service and Community Cloud capabilities, Opportune’s team delivered a solution that exceeded... [...]

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Midstream: Process & Technology: Undisclosed: Data System Conversion

Opportune was engaged in March 2019 to lead a comprehensive data conversion project for Midstream Company’s lease crude gathering business in the Permian Basin. This project was multifaceted; not only were data systems being added and removed, business functions and resources were being relocated f... [...]

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Upstream: Reserve Engineering & Geosciences: 3p Reserve Report & Technical Evaluation

Ralph E. Davis Associates (RED) professionals added value by conducting a review of all data and information associated with certain producing oil and natural gas properties in the Eagle Ford play in Texas in which the client has an ownership position. RED used the guidelines for reserve classifica... [...]

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Power & Gas: Process & Technology: Organization & It Strategy

The client engaged Opportune senior professionals to serve as an advisor to review their organization and IT strategy. The company had recently reorganized to create more separation and autonomy between supply and marketing organizations. This created the potential for significant changes to strate... [...]

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Upstream: Complex Financial Reporting: Undisclosed: From Zero To Ipo

A privately held, Oklahoma-based E&P company (“the Company”) is focused on developing horizontal play concepts in the SCOOP/STACK shale play. The Company built a sizable acreage position, including producing horizontal and vertical wells, through a successful greenfield leasing effort and the manag... [...]

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Midstream: Valuation: Tax Valuation In Connection With The Sale Of Assets

Opportune was engaged by a midstream company to conduct a valuation, specifically an allocation of sale price, for tax purposes in accordance with Internal Revenue Code (“IRC”) Section 1060 in connection with the sale of their assets to a strategic buyer. In this case, the buyer and seller disagree... [...]

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Oilfield Services: Restructuring: Undisclosed: Chapter 11 Bankruptcy

A large oilfield services and tool company (“the Company”) supplies a wide offering of rental equipment and services for drilling, completion and well control activities—serving a diverse base of oil and natural gas E&P operators. Opportune was engaged as Chief Restructuring Officers by the Company... [...]

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Upstream: Transactional Due Diligence/outsourcing: Comprehensive Transactional Advisory

A private equity-backed startup (“the Company”) consisting of three executive personnel—Chief Executive Officer, Chief Operational Officer and Chief Development Officer—purchased approximately 1,500 operated wells and 2,500 non-operated wells, along with associated midstream assets, for $190 millio... [...]

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Midstream: Process & Technology: Business Process & Technology Strategy Development

Undisclosed Oil & Gas Co. (“Midstream Company”) is a diverse oil, gas and NGL gathering, processing, storage and transportation company with operations in five states. Midstream Company has grown organically and through several strategic acquisitions. [...]

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Power & Gas: Complex Financial Reporting/process & Technology: Earnings & Risk Assessment

Natural Gas Trading and Asset Management Co. (“NG TradeCo”) is a natural gas wholesaler who captures arbitrage opportunities primarily by managing physical assets. NG TradeCo is involved with natural gas marketing, trading, pipeline transport and capacity management, storage and asset management ag... [...]

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Upstream: Transactional Due Diligence: Undisclosed: Buy-side Due Diligence

An undisclosed global producer of chemicals (“the Company”) recently entered the oil and gas exploration and production business by acquiring 43,686 net acres, including leasehold interest in 107 wells, in the Austin Chalk and Eagle Ford fairways of the established Giddings Field for $30.0 million.... [...]

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Midstream: Energy Advisory Services For Private Capital/valuation: Valuation In Connection With Sale Of Company

Private capital-sponsored midstream company (“the Company”) focused on crude oil gathering in Colorado. The Company engaged Opportune in 2018 to provide valuation services for tax purposes in connection with the sale of the Company. In connection with the sale of the Company, the buyer and seller c... [...]

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Oilfield Services: Reserve Engineering & Geosciences: Technical Evaluation/due Diligence

Ralph E. Davis Associates (RED) was hired by the Company, which was looking to acquire Salt Water Disposal (SWD) wells in the Utica play area in eastern Ohio. The Company was making an entry in the basin and hired RED to conduct a review of permitting and production activity adjacent to an acquisit... [...]

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Midstream: Reserve Engineering & Geosciences: Type Curve Development & Well Performance Review

A private equity-backed midstream company (“the Company”) selectively evaluates acquisition opportunities with an eye toward the strategic expansion of underutilized assets in both mature and emerging basins. Ralph E. Davis Associates (RED) professionals were hired by the Company with an oil gather... [...]

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Upstream: Process & Technology: Undisclosed: Advocacy Strategic Engagement App On Salesforce

One of the largest independent oil and gas companies in the world with significant proven reserves in North America had a growing awareness of the opportunity and responsibility to influence third-party organizations that drove policy and regulatory decisions. Government, industry and advocacy orga... [...]

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Midstream: Valuation: International Bank: Valuation Of Businesses & Assets

Opportune was engaged by an international bank serving as the agent for a lender group to conduct valuation analyses of two terminal facilities in connection with the renewal of an existing loan. The analyses included both the value of the terminals as businesses and the underlying tangible assets. [...]

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Power & Gas: Enterprise Risk: Tennessee Valley Authority: Risk Management Stabilization

The Tennessee Valley Authority (“TVA”), a corporation owned by the U.S. government, provides electricity for 9 million people in parts of seven southeastern states. TVA consumes about $4.5 billion of coal, gas, nuclear fuel and purchased power on an annual basis, serving its customers through its f... [...]

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Midstream: Outsourcing: Undisclosed: Back-office Accounting Services

Opportune’s Outsourcing professionals were engaged by an undisclosed U.S. midstream oil and gas company (“the Company”) to provide back-office accounting services, including accounts payable, treasury and financial reporting. Additionally, the team creates monthly financial statements and helps wit... [...]

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Midstream: Process & Technology: Undisclosed: Pipeline Access Application Portal On Salesforce

Undisclosed Oil & Gas Co. (“Midstream Company”) is a publicly traded MLP in the pipeline transportation, marketing and storage business. Looking to drive process efficiency and data standardization, Midstream Company engaged Opportune to streamline and automate their pipeline access application pro... [...]

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Oilfield Services: Transactional Due Diligence: Undisclosed: Quality Of Earnings Analysis

A major alternative investment management organization (“the Company”) has developed a diversified investment platform and manages capital for many of the world’s most prominent institutional investors, public and corporate pension funds, endowments, foundations, family offices and high net worth i... [...]

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Upstream: Reserve Engineering & Geosciences: Undisclosed: Asset Review & Technical Evaluation

A global investment management corporation based in New York engaged Ralph E. Davis Associates (RED) to conduct technical evaluations and asset reviews of an oil property located in the East Shetland Basin in the UK Northern North Sea. This property is a redevelopment of a prematurely decommissione... [...]

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Downstream: Process & Technology: Undisclosed: Commodity Trading & Risk Management Implementation

Undisclosed Oil & Gas Co. is one of the largest integrated oil companies in the world. Annually ranked near the top of global and U.S. Fortune 500 lists for more than 50 years, it is a recognized leader in the oil and gas industry. Undisclosed Oil & Gas Co. has re-evaluated their practices in commo... [...]

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Power & Gas: Process & Technology: Undisclosed: Systems Strategy To Support Asset-backed Trading

Super Major LNG Co. (“LNG Co.”) is the LNG production and marketing business unit for a super major oil company. LNG Co. has global production and sales activities. Historically, the LNG business model has been long-term sales (20 years) tied to the development of specific LNG production facilities... [...]

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Power & Gas: Restructuring: Undisclosed: Restructuring & Financial Forecasting

“NG Retail Distributor” is an unregulated natural gas retail distributor that captures arbitrage opportunities primarily by managing physical assets. NG Retail Distributor is involved with natural gas marketing, trading, pipeline transport and capacity management, storage and asset management agree... [...]

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Upstream: Complex Financial Reporting: Undisclosed: Full Cost To Successful Efforts Conversion

A Houston-based oil and gas exploration company engaged Opportune in 2017 to assist with the conversion from full cost to the successful efforts method of accounting for oil and gas properties for fiscal years ended December 31, 2011 through 2017. The successful efforts method of accounting is pref... [...]

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Upstream: Complex Financial Reporting: Jonah Energy: Financial Reporting, Financial Planning & Analysis

Jonah Energy LLC (“Jonah”) is an exploration and production (“E&P”) company. Jonah acquired the Jonah Field located in Sublette County, Wyoming from Encana Corp. on May 12, 2014. At the time of the Encana acquisition, Jonah had a skeleton management team and limited infrastructure for operating an ... [...]

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Upstream: Outsourcing: Undisclosed Company: Hedge Execution/asset Acquisition

Opportune LLP was approached by an oil and gas exploration and production company (“Producer Co.”) that was seeking assistance to develop a hedging program associated with a new asset acquisition. Producer Co. engaged Opportune to provide risk management advisory and hedge execution services neede... [...]

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Upstream: Outsourcing: Undisclosed Company: Hedge Reporting Of Foreign Currency & Interest Rates

Opportune LLP was engaged by an upstream oil and gas producer (OIL Co.) to assist with the implementation of hedge reporting for their Euro-denominated expenses related to purchases of field equipment from European firms. OIL Co. is a U.S.-dollar functional currency entity that is exposed to curren... [...]

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Upstream: Restructuring: Fieldwood Energy: Chapter 11 Bankruptcy

Fieldwood Energy LLC, a Houston-based, private-equity backed exploration and production company (the Company), is focused on the acquisition and development of oil and gas assets in the Gulf of Mexico region. On February 14, 2018, the Company filed for chapter 11 bankruptcy protection in the Southe... [...]

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Midstream: Reserve Engineering & Geoscience: Greenfield Midstream: Technical Due Diligence/acquisition

In late 2017, Ralph E. Davis Associates was engaged by Greenfield Midstream to perform technical due diligence for a midstream project in the DJ Basin in Colorado. Upon completion of the work, Greenfield Midstream partnered with Noble Energy to form a joint venture, Black Diamond Gathering LLC, and... [...]

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Power & Gas: Process & Technology/complex Financial Reporting: Essential Power: Reconstruction Of Policies/processes

Essential Power (the Company) is a merchant power company that operates a fleet of natural gas-fired plants in PJM and ISO-NE. The Company’s ability to realize the inherent optionality embedded in its plants is dependent on strong commercial skills and market knowledge, supported by accurate views ... [...]

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Non-energy: Restructuring: Molycorp: Chapter 11 Filing/interim Management

Molycorp Inc. (the Company) produced and sold rare earths and rare earth materials in the U.S. and internationally. Dacarba LLC, an Opportune LLP company, was engaged to provide interim management, serving as Senior Vice President Finance and Treasurer and was a key participant in the administratio... [...]

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Power & Gas: Restructuring: Alpha Natural Resources: Chapter 11 Bankruptcy Reorganization/financial

Alpha Natural Resources (the Company) was the second-largest coal supplier among publicly traded coal producers with $4.3 billion of revenues in 2014 and 8,900 employees. The Company filed for bankruptcy in August 2015 with $4 billion of funded debt and emerged in July 2016 whereby certain assets o... [...]

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Oilfield Services: Restructuring: Rdt Inc.: Reorganization & Sale

RDT Inc., a supplier of oil/gas drilling tubular tools to operators and drilling contractors, engaged Opportune LLP to serve as Chief Restructuring Officer (“CRO”) and to evaluate and pursue strategic alternatives for the business in a highly distressed situation. Activities included cost savings i... [...]

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Upstream: Process & Technology: Assala Energy It Transition

Assala Energy is an oil and gas exploration company, backed by Carlyle Group, focused on opportunities in Sub-Saharan Africa. The Assala Energy strategy was to invest in mid-life and mature assets to increase production and extend field lifecycles, while prioritizing integrity, safety and responsib... [...]

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Commodity Trading & Logistics: Brief Case Study Summaries

Risk Management: When a highly successful privately-held trader wanted an expert’s view of risk management, they turned to Opportune. Our independent view of the traders’ policies, controls and risk oversight have provided a roadmap for ongoing improvements, and Opportune also annually provides t... [...]

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Power & Gas: Process & Technology: Allegro Natural Gas Implementation

North American Power (NAP) is a retail power and natural gas supplier based in Norwalk, Connecticut. Founded in 2009, NAP has over $250 million in revenues and has been recognized by Forbes as one of America's Most Promising Companies, and by Inc. 5000 as one of America's Fastest Growing Private C... [...]

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Restructuring: Gawker Media, Llc: Chapter 11 Bankruptcy Filing

Gawker Media, LLC was an online digital media company based in New York, New York. Its publications included Gizmodo, Lifehacker, Jezebel, and Deadspin. Opportune LLP was engaged by Gawker Media to provide essential restructuring support during its Chapter 11 bankruptcy filing and through the ev... [...]

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Midstream: Restructuring: Southcross Chapter 11 Filing

The Term Loan B lenders for Southcross Holdings LP, a midstream company with facilities and pipelines in south Texas, Mississippi, and Alabama, engaged Opportune to assist in operational analysis and advise on the ensuing restructuring of the company. Opportune served as the financial advisor and a... [...]

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Commodities Trading & Logistics: Process & Technology: Ctrm Business Startup

An investment bank and commodity trader with Russian roots started up a physical commodities business. The company chose OpenLink RightAngle to support their new physical business. The company engaged Opportune to lead the delivery of the greenfield Commodities Trading and Risk Management (CTRM) s... [...]

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Commodities Trading & Logistics: Process & Technology: Etrm Implementation

A global investment bank with an active involvement in emerging markets had a goal to expand its commodities business with trading and logistics operations in physical oil, coal, iron ore, and metals. As part of the company’s growth strategy, it engaged Opportune to expand its process and technolo... [...]

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Downstream: Process & Technology: Predictive Analytics And Sap Hana Implementation

Undisclosed Gas Company is one of the largest integrated oil companies in the world. Annually ranked in the top of Global and US Fortune 500 lists for more than 50 years, it is a recognized leader in the oil and gas industry. Undisclosed Gas Company engaged Opportune to lead Supply Predictive Analy... [...]

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Midstream: Process & Technology: Merger Integration Services

A large midstream natural gas gathering and processing Master Limited Partnership (Company) acquired three diverse companies for $8 billion in a matter of four months. Company was faced with completing Day 1 and long term integration activities covering commercial, operations, accounting, IT, lega... [...]

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Midstream: Process & Technology: Crude First Purchaser Process & Systems Strategy And Implementation

Company is a publicly traded Master Limited Partnership formed by the merger of two midstream companies. Company owns and operates approximately 9,000 miles of gathering and transportation pipelines, 13 gas processing plants, seven fractionators, as well as barge and rail terminals, product stora... [...]

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Oilfield Services: Tax: Indirect Tax Compliance

A global oilfield products and services company (the Company) based in Houston, Texas designs, manufactures and distributes products used in the exploration, development, production and transportation of oil and natural gas. The Company engaged Opportune’s tax team after recent growth due to multip... [...]

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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 an... [...]

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Midstream: Process & Technology: Adapting To Change & Improving Longstanding Operating Models

A preeminent natural gas and NGL gatherer, processor and marketer (the Company) in the United States had grown significantly as the onshore shale drilling industry flourished. The Company’s business processes, systems and organization were challenged by the unprecedented growth in volume, complexi... [...]

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Power & Gas: Complex Financial Reporting: Power Contracts

A large foreign multinational corporation (the Company) invests in power plants and renewable energy ventures in addition to its businesses in the manufacturing, trading, and financial services. The Company had recently invested in a U.S.-based wind powered electricity generation facility (the win... [...]

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Oilfield Services: Complex Financial Reporting: Hedging With Derivatives

An oilfield services company (OFS Co.), engaged Opportune for assistance with implementing hedge accounting for their Euro denominated revenue contract. OFS Co. was concerned a strengthening U.S. dollar (USD) would erode the margin budgeted for the revenue contract. Opportune provided guidance on ... [...]

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Complex Financial Reporting: Accounting For Derivatives

Precious Metals Mining Company (PMM Co.) is a domestic publicly listed precious metals producer focused on mining, developing, and exploring properties. It currently operates a wholly owned gold mine, in addition to a number of early and advanced stage exploration properties in the U.S. PMM Co. c... [...]

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Downstream: Process & Technology: Enabling Commercial Success

Headquartered in Philadelphia, Pennsylvania, Sunoco is part of the Energy Transfer Partners, L.P. family of companies. Sunoco engaged Opportune’s Process and Technology practice to implement an integrated Energy Trade Risk Management (ETRM) System solution to support their Retail and Marketing busi... [...]

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Midstream: Process & Technology: System Integration

An oil and gas midstream company (the Company) headquartered in Dallas, Texas, with midstream assets in Texas, Louisiana, and Marcellus regions, acquired natural gas assets in September 2014. The $235 million acquisition included 1400 miles of intrastate and interstate natural gas pipelines and 11 ... [...]

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Upstream: Complex Financial Reporting: Derivatives Valuation

Parsley Energy Inc. (Parsley) is an exploration and production company with operations in the Permian Basin and is based in Midland, Texas. Opportune was engaged to assist Parsley through its initial public offering (IPO) process, including filing a registration statement on Form S-1 (S-1) with th... [...]

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Downstream: Process & Technology: Infrastructure Project & Etrm Implementation

Monroe Energy, LLC (Monroe) is a wholly-owned subsidiary of Delta Air Lines, Inc. (Delta) and operates the 185,000 bpd refinery in Trainer, Pennsylvania (Trainer Refinery). In 2011, the Trainer Refinery was idled and ceased operations until late June 2012, when the refinery was officially acquired... [...]

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Oilfield Services: Tax

As part of an initiative to ensure continued compliance with all state and local taxing jurisdictions, a worldwide manufacturer and master distributing company (the Company) engaged Opportune to serve as its state and local tax function. At the conclusion of a nexus study and internal conversation... [...]

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Upstream: Tax: Gmx Resources Inc.

GMX Resources Inc. (GMXR) is a publicly-traded, independent oil and gas exploration and production company based in Oklahoma City, Oklahoma that developed acreage in Williston Basin, Denver Julesburg Basin, Haynesville/Bossier and Cotton Valley Sand formations. On April 1, 2013, GMXR filed a joint... [...]

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Upstream: Outsourcing

Cantera Energy LLC (Cantera), an investment portfolio company of Kayne Anderson Energy Funds, is an independent oil and gas company focused on the acquisition and development of properties with identified exploration and development upside in the onshore Gulf Coast Regions. The Houston-based compan... [...]

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Upstream: Reserve Engineering & Geosciences: Reserve Evaluation Services

In 2014, the U.S. Department of Energy (DOE), the prime contractor in support of the Rocky Mountain Oilfield Testing Center (RMOTC), engaged Ralph E. Davis Associates (Davis) to provide an evaluation report of the Naval Petroleum Reserve No.3 (historically known as the Teapot Dome Oil Field), locat... [...]

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Downstream: Process & Technology: Etrm Delivery

PBF Holding Company LLC (PBF) is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants, and other petroleum products in the United States. PBF engaged Opportune to perform as subject matter experts, provi... [...]

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Upstream: Corporate Finance: Valuation Advisory Services

Fieldwood Energy, LLC. (Fieldwood) is a Houston-based portfolio company of Riverstone Holdings, LLC. (Riverstone), focused on the acquisition and development of conventional oil and gas assets in North America, including the Gulf of Mexico. On September 30, 2013, Fieldwood acquired Apache Corporati... [...]

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Upstream: Corporate Finance: Purchase Price Allocation

Midstates Petroleum Company, Inc. (Midstates) is an independent exploration and production company focused on the application of modern drilling and completion techniques to oil/liquids-prone resources in previously discovered, yet underdeveloped hydrocarbon trends. Midstates is headquartered in Ho... [...]

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Downstream: Process & Technology: Sap Implementation

PBF Energy (PBF) is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstock, lubricants, and other petroleum products in the United States. Opportune has a relationship with PBF, and they engaged our Process and Technol... [...]

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Power & Gas: Process & Technology: Nodal Program Implementation

The Electric Reliability Council of Texas (ERCOT) is an independent systems operator that manages the flow of electric power to 24 million Texas customers, representing close to 90 percent of the state’s electric load. Total capacity in the ERCOT market exceeds 74,000 megawatts. Initially, ERCOT en... [...]

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Upstream: Complex Finance Reporting: Ipo

Founded in 2008, Parsley Energy, Inc. (Parsley) is an independent oil and natural gas company with operations in the Permian Basin, where they develop unconventional oil and natural gas reserves. Over the past several years, Parsley has grown from a two-person start-up to a large-scale corporation... [...]

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Upstream: Tax: Parsley Energy Inc.

Parsley Energy Inc. (Parsley), is an exploration and production company withoperations in the Permian Basin and is based in Midland, Texas. Opportune wasengaged to assist Parsley through its initial public offering (IPO) process, includingfiling a registration statement on Form S-1 (S-1) with the ... [...]

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Upstream: Dispute Resolution

Opportune was engaged as a subject matter expert in a dispute between partners of an oil and gas company. The matter involved two joint operating partners, one, the financial backer, and the other, the operational partner. Our Client, a third-party accountant for other joint interest owner responsi... [...]

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Commodities Trading & Logistics: Restructuring

An undisclosed lender for a privately held trading company engaged Opportune as a crisis manager to assist in the evaluation of immediate liquidity needs, the ongoing viability of the trading company’s business, and the cost benefit of liquidation. Opportune served as a financial advisor and provid... [...]

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Power & Gas: Process & Technology: Strategic Planning

A fully integrated North American energy retailer and services provider engaged Opportune to assist in the development of a 15-month set of goals, objectives, and plans for the Chief Financial Officer (CFO). Opportune began by conducting a careful background assessment and analysis of the current o... [...]

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Upstream: Enterprise Risk

A privately held global financial services firm was considering extending additional debt to one of the oil and gas exploration and production (E&P) companies in its investment portfolio. Headquartered in Knoxville, Tennessee, the E&P Company focuses its operations in Cook Inlet, Alaska and the App... [...]

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Upstream: Process & Technology: Royalty & Accounting Reporting

University Lands, a department of The University of Texas (UT) System, manages the system’s mineral interests and surface rights to approximately 2.1 million acres located primarily in the Permian Basin. As a result of the shale boom in West Texas, University Lands recognized the need for more stre... [...]

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Oilfield Services: Complex Financial Reporting: Process & Reporting Enhancement

During the first few months as the new Chief Accounting Officer (CAO) of a global gas compression services company (the Company), the CAO unknowingly reported inaccurate financial reports to the Company’s key stakeholders. These financial reports were the result of heavily dependent ad hoc and inco... [...]

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Downstream: Tax: Etrm System And Sabrix Implementation

PBF Energy (PBF) is one of the largest independent petroleum refiners and suppliers of petroleum products in the United States. PBF recently completed its IPO and continues to grow rapidly. Opportune was initially engaged to implement PBF’s ETRM system (RightAngle) and was further engaged by the Ta... [...]

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Upstream: Energy Advisory Services For Private Capital: Crisis Management

The Undisclosed E&P Company (The Company) is the Holder of strategic assets primarily in the shallow waters of the Gulf of Mexico. The Company’s focus is on acquisitions, production enhancements,… [...]

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Upstream: Outsourcing

Memorial Production Partners LP (Memorial) is a publicly traded limited partnership that was formed in 2011 to own, acquire and exploit oil and natural gas properties in North America. Memorial acquired its initial assets from three separate operating companies of Natural Gas Partners (NGP) in Dece... [...]

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Upstream: Corporate Finance: Due Diligence

EnerVest is one of the 25 largest oil and gas companies in the United States, with more than 27,000 wells across 16 states, 5.5 million acres under lease, and more than $10 billion in assets under management. EnerVest has been a successful sponsor for over 20 years as an operating company for insti... [...]

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Midstream: Corporate Finance: Valuation Services

In 2008, Flatrock Energy Advisors LLC and EnCap Investments L.P. joined together to create EnCap Flatrock Midstream (“EnCap Flatrock”), a private equity firm dedicated to invest in the midstream sector of the North American energy industry. Today EnCap Flatrock has more than $3 billion in total ass... [...]

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Upstream: Strategy & Organizational Design

University Lands, a department of the University of Texas System’s Office of Business Affairs, manages the Permanent University Fund lands and all operations therein. University Lands’ operations include both the mineral interests and surface rights for approximately 2.1 million acres, primarily in... [...]

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Upstream: Restructuring

ATP Oil & Gas Corporation (“ATP”), a publicly traded U.S. corporation with oil and gas operations in the Gulf of Mexico, engaged Opportune to serve as a financial advisor during the company’s bankruptcy. ATP has a complex capital structure involving multiple levels of secured debt and other unique ... [...]

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Downstream: Process & Technology: Erp & Etrm System Implementation

PBF Energy (“PBF”) is one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. As a growth organization which successfully completed its IPO, PBF needed a f... [...]

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Upstream: Complex Financial Reporting

Midstates Petroleum (Midstates) is an upstream company focused on the acquisition and development of domestic oil and gas properties. Initially recapitalized with private equity capital from a major private equity group, Midstates’ management team engaged Opportune to manage the financial reporting... [...]

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Carl Wimberley

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