Energy and Oilfield Services
Today’s energy industry poses many opportunities and challenges to energy companies and the companies that serve them. Businesses need innovative, practical solutions that adapt to changing regulations, leverage new technology and foster growth in a volatile industry.
Withum’s Energy and Oilfield Services Team provides tailored services to energy clients in the upstream, midstream and downstream energy markets. Whether your business operates in exploration and production (E&P), the transportation, storage and processing of oil and gas or refining and marketing, our team is focused on the issues that matter most to you, backed by many years of experience.
Energy and Oilfield Services Challenges and Trends
Energy and oilfield services companies are consolidating to achieve scale, improve cost structures and access capital amid rising Capital Expenditures (CapEx) and competitive pressure. Entering new markets and adding technology requires navigating new territory throughout the deal lifecycle. Transaction advisory expertise can help companies realize value through the transaction.
Energy and oilfield services companies can harness digital and AI tools for a variety of uses, including monitoring seismic data, optimizing drilling and recovery and predictive maintenance that allows for proactive thinking. Implementing and integrating AI can enhance efficiency and accuracy.
Companies within the energy and oilfield services industry need to safeguard against cybersecurity threats that can impact Industrial Control Systems (ICS), Supervisory Control and Data Acquisition (SCADA) and Distributed Control Systems (DCS). Shutdowns slow production and create safety threats. A cybersecurity assessment can safeguard digital systems and ensure regulatory alignment.
Oilfield services companies are under pressure to reduce emissions, implement Carbon Capture, Utilization and Storage (CCUS) and meet strict environmental and governance standards. Additionally, decommissioning liabilities are growing. Risk management is necessary to address regulatory changes and potential threats before they escalate.
Oilfield services businesses face tighter margins due to low oil prices, rig count reductions and geopolitical uncertainties. U.S. crude often drops below profitable thresholds, limiting new drilling and capital spending. Operating in a highly capital-intensive, project-driven and volatile industry makes cost accounting and financial management crucial.
Who We Help
- Exploration and production (E&P) companies and operators – onshore and offshore
- Seismic acquisition and data processing
- Oilfield services and suppliers
- Drilling companies
- Transportation and Logistics
- Energy trading companies
- Pipeline transportation
- Refineries/chemical companies
- LNG companies (Liquified Natural Gas)
- Power Generation
- Wholesale and retail electricity providers
Services for Energy and Oilfield Services Companies
Assurance, Accounting and Tax
- Federal, state and local tax planning and compliance
- International Tax services
- External financial statement audits for public and private companies
- Employee benefit plan services (ERISA)
- International Financial Reporting Standards (IFRS) planning and compliance
- Agreed upon procedures (AUP)
- SOX 404 planning and compliance
- Tax controversy management and resolution
- Review and compilation services
Advisory
- Mergers and acquisitions (M&A)
- Forecasting and budgeting
- Exit strategy planning
- Information systems consulting
- CFO advisory services
- OASyS financial planning and analysis consulting services
- Evaluation and implementation of internal control processes and systems
- Information systems consulting
Contact Us
For more information or to discuss your business needs, please connect with a member of our team.
