In a complex and changing regulatory environment, we help those in the oil and gas industry minimize tax liability and maximize profit with sound, meaningful strategy and guidance. 

Whether your company explores, drills, trades or markets petroleum or natural gas, your profitability is closely tied to the oil and gas industry’s unique tax situation. But you may be missing out on tax benefits—or even vital investment capital—if your accountants are not familiar with the intricacies of the industry’s tax incentives. The sophisticated tax expertise of our accountants allows our clients to take advantage of federal tax benefits—such as the intangible drilling costs (IDC) tax deduction, percentage depletion deduction and the small producers tax exemption—while staying on top of variations in state taxation. We also produce quality financial statements that banks and other capital sources trust.

But our advantage is based on more than technical excellence. We work closely with our clients to provide insights and answers that drive success, from choosing a tax-efficient entity structure to minimizing the tax liability created by a merger or acquisition. We also educate our clients and their investors on oil and gas accounting and taxation concepts and invite investors to contact us directly with questions about their K-1s.

Our clients

  • Oil and gas investment firms
  • Equipment fabricators
  • Engineering and well-control firms
  • Exploration and production companies
  • Oil and natural gas traders and marketers
  • Oilfield services
  • Offshore drilling

Our services

  • Tax return preparation
  • Tax planning and strategy
  • Oil and gas accounting under full cost or successful efforts
  • Audits and reviews of financial statements
  • FAS109 and FIN48 compliance
  • Merger and acquisition financial due diligence
  • Transaction strategy
  • Entity selection

If you’re looking for ways to minimize taxes and maximize profit, talk to one of our industry specialists today.

Our Take

image of Wesley Middleton

Recent regulatory changes have provided significant tax savings opportunities for the oil and gas industry, in addition to some changes that could negatively impact those who don’t plan ahead. It’s important to map a strategic tax plan now to capture tax savings and minimize the negative impacts of lost tax breaks.

— Wesley Middleton Managing Partner, CPA