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how embark helps the oil & gas industry

shape component

Societal, technological, and political trends are reshaping the environment in which oil & gas companies operate. Resource abundance has led to sustained lower oil prices which requires a focus on cost, efficiency, and speed. The need for reduced costs and efficiency extend from the well to the accounting team.

  • Consulting
  • Outsourced Accounting
  • company
    standup
  • m&a
    activity
  • audit
    readiness
  • support
    growth/solve problems
  • exit:
    public offering
  • exit:
    private sale

company
standup

Whether you’re just getting started, or it’s time for your accounting function to “grow up,” our team of experts will design, optimize, and formalize your department the right way:

Oil and Gas 6
  • ERP system implementation
  • Opening balance sheet
  • Interim controller function
  • Accounting new hire onboarding and training
  • Preparation of initial financial reports and accounting templates
  • Expense reporting and AP automation 
  • Prepare/formalize policies, procedures, and process narratives

m&a
activity

Mergers, acquisitions, PE investment roll-ups, carve-outs, joint ventures – we’ve seen it all. The quickly changing dynamics of commodities demand flexibility and speed from accounting.  We can ensure a smooth transaction, providing scalable solutions throughout:

Oil and Gas 8
  • Financial reporting
  • Technical accounting memos/guidance
  • Pre-transaction due diligence (quality of earnings, working capital, etc.)
  • Data migration/post-transaction integration
  • System conversions
  • Integration/optimization/scaling of processes and controls 
  • Final settlement statement audit
  • Purchase accounting

audit
readiness

Audits can be stressful. Especially your first one. As ex-Big 4 CPAs, Embark knows exactly what auditors want and how to deliver it. Whether you’re looking to access public markets or just completed a transaction, we’ll have you ready in no time:

Oil and Gas 5
  • Clean up/catch up
  • Cash accounting to GAAP accounting
  • Financial reporting
  • Prepare financial statement disclosures
  • SOX testing and compliance
  • Prepare the statement of cash flows
  • Calculate depletion, ARO, and impairment
  • Prepare account reconciliations, rollforward schedules, and accruals
  • Compile other "PBC's" requested by the auditors
  • Adoption/implementation of new guidance (ASC 606 - Revenue Recognition, ASC 842 - Leases, etc.)

support
growth/solve problems

Constant growth and M&A activity within the dynamic O&G environment can often leave companies with unexpected accounting needs or problems. Embark can step in with flexible, scalable solutions:

Oil and Gas 4
  • Staff augmentation (personnel gaps, turnover, hypergrowth, etc.)
  • Outsourced Accounting services
  • Monthly, quarterly, and annual financial reporting
  • GL clean-up
  • ERP system conversions
  • Implement and integrate additional systems (expenses, AP, etc.) 
  • Process improvement
  • Staff training

exit:
public offering

Preparation is critical to a successful IPO and mitigating risk. Embark can ensure IPO Readiness from strategy to implementation, regulatory demands to technology needs:

Oil and Gas 1
  • Form S-1 Registration Statement
  • SEC compliant financials
  • Internal controls/SOX readiness
  • Technical accounting guidance
  • PCAOB audit facilitation
  • Pro forma financial statement preparation

exit:
private sale

So you’ve sold your company… congrats! You’re almost done. Selling a company is much easier than starting one, but there’s still work to be done. Let us take the wheel so you can keep celebrating:

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  • Scrub and prepare master data for transfer to buyer
  • Provide post-sale transition services
  • Prepare closing entries for sale
  • monthly
    accounting duties
  • monthly financial
    statements / reporting

monthly
accounting duties

Need to reinforce, or even start, your accounting function? Maybe you have a short timeline, are a startup, or recently restructured. Embark’s outsourced accounting services save you time, money, and frustration, all while providing absolute expertise and reliability.

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    • Prepare and maintain monthly checklist
    • Process accounts payable via electronic workflow 
    • Record material transfers
    • Process joint interest billings and distribute to owners
    • Maintain accounts receivable
    • Bank reconciliations
    • Apply revenue receipts
    • Process revenue distribution 
    • Closing entries and processes (e.g. DD&A, accretion, amortization, accruals)
    • Maintain general ledger and subledgers
    • Balance sheet reconciliations
    • Deliver ad-hoc system reports
    • Maintain well, deck, owner, and vendor master files
    • AFE tracking and variance reporting
    • Calculate and maintain ARO
    • Maintain lease rental schedule
    • Gas Balancing

monthly financial
statements / reporting

Need to reinforce, or even start, your accounting function? Maybe you have a short timeline, are a startup, or recently restructured. Embark’s outsourced accounting services save you time, money, and frustration, all while providing absolute expertise and reliability.

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    • Balance Sheet
    • Income Statment
    • Statement of Cash Flows
    • Statement of Equity
    • Lease Operating Statement

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