Vice President of Accounting
The oil and gas industry presents unique financial and operational challenges. With revenue streams that vary by contract terms, complex ownership structures, and constantly changing regulatory demands, energy companies face a level of accounting complexity few other sectors experience.
Choosing the right accounting firm is essential for operators, non-operators, mineral owners, and investors. The right partner understands your financial strategies and goals, mitigates risk, ensures data integrity, provides insights into your own data to support strategic decision-making, and protects your company’s interests.
Below are key qualities to look for when selecting an oil and gas accounting firm, and how Martindale Consultants delivers on these priorities.
Oil and gas accounting requires much more than just basic bookkeeping. You want a firm that understands industry-complexities like contractual obligations, joint interest billing (JIB), revenue distribution, gas plant accounting, severance tax calculations, and division order challenges. To do it right, oil and gas accounting requires consideration of operational dynamics to properly perform tasks such as revenue and expense allocations, overhead computations, and assessing deductions on oil and gas royalties based on lease provisions and state statues. Look for firms that provide outsourced accounting support tailored to operators, non-operators, and mineral and royalty entities.
Martindale’s oil and gas accounting expertise runs deep, having accounted for, audited, or performed regulatory compliance on thousands of projects/clients. Our staff has helped create or revise numerous oil and gas accounting guidelines, model form interpretations, and accounting procedures used by the industry. If it has been accounted for in oil and gas, chances are, Martindale has seen it.
An oil and gas accounting firm should have both the operational and financial expertise to ensure value defense and data integrity to support decision makers. Engineers and landmen work hard to acquire and develop the right assets and to maximize recoveries. Your accounting firm should provide timely information so decision makers can assess results, determine profitability, and make data-driven decisions about future deals. A decision makers ability to rely on timely financials to understand the overall health of the company, secure lending, file taxes, and maintain solid investor relationships is pivotal, and selecting the right accounting firm ensures that insights derived from your financial data are accurate, dependable, and actionable.
Martindale understands how critical accurate and timely financial data is for decision makers. We work with you to understand your specific needs and expected deliverables and provide reports such as LOS statements, balance sheets, and income statements that provide clarity into the profitability of your wells, projects, and company. Need a trusted partner? Martindale will advise on industry standards, discuss best practices, and work with you to find a solution that is best suited for your company.
An oil and gas accounting firm should have the knowledge and expertise to offer comprehensive back-office solutions tailored to oil and gas. From accounts payable, accounts receivable, treasury, production and revenue accounting, JIB and revenue distribution, payroll, financial reporting, division orders, and owner relations to operational expertise and insight through analytics, choosing the right firm is critical to running your oil and gas business the right way.
At Martindale, we can handle your accounting, your back office, your operational oversight of contracts and obligations, and interact with outside parties from tax, financial auditors, vendors, field personnel, land, engineers, and working interest and royalty owners. From handling your mail to creating GAAP financials for your private equity backers or lending institution, Martindale has the in-house expertise to provide the solutions you need.
An oil and gas accounting firm’s use of technology and familiarity with accounting ERPs should be part of your due diligence when making your outsourced selection.
Martindale has worked in and has familiarity with a multitude of accounting ERPs, QuickBooks, Salesforce, Enverus, the Google suite, Microsoft products, and others. Martindale is committed to utilizing technology that results in gained efficiencies and reduction of human error for the benefit of our clients. We commit R&D funds to researching technologies such as AI to be used deliberately. Martindale uses AI in a closed system to protect the data of our clients. In addition, Martindale takes cybersecurity seriously, conducting frequent training for our employees and constantly reviewing policies and procedures to mitigate potential cyber threats.
Oil and gas accounting isn’t just about numbers. Federal and state regulatory reporting requirements add another layer of complexity. From production and royalty reporting to severance tax filings, proper compliance protects your company from costly penalties or audits.
Martindale keeps up with shifting regulations and provides expert reporting support, including federal and state production reporting, Indian trust reporting, and optimization of federal/state royalty accounting. We are proactive in our approach to ensure compliance deadlines are met, and risks of penalties and interest are mitigated.
Whether acquiring new assets or preparing for divestitures, oil and gas companies need reliable due diligence. An oil and gas accounting firm should provide detailed contract analysis, document review, settlement statement evaluation, and risk assessment support.
Martindale provides a level of insight that helps organizations avoid post-transaction surprises and ensures financial expectations align with contractual realities.
A firm’s reputation matters. Client testimonials and long-standing partnerships reflect consistent performance and trust. Martindale is known for its personalized attention, collaborative service models, and a commitment to client success over the long term. We live by, “We do it right. We do right by each other.”
In an industry where every dollar counts and small errors can lead to significant financial or regulatory consequences, specialized oil and gas accounting expertise is indispensable. You want a partner who understands your business, anticipates issues before they arise, and equips you with accurate financial insights and reliable compliance support.
Martindale Consultants has spent decades building its reputation as a trusted advisor in the oil and gas sector. Our comprehensive services, deep technical knowledge, commitment to compliance, and strategic consulting capabilities make us a go-to resource for companies seeking clarity and confidence in the services provided by an outsourced provider.
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