Oil & Gas
During an evolving energy landscape, traditional oil and gas enterprises continue to be pivotal to both the U.S. and global economies. Our dedicated financial experts are deeply entrenched in the industry, offering a comprehensive suite of oil and gas accounting services.
Oil & Gas
In the oil and gas industry, the landscape is ever-changing, requiring you to change with it.
Whether you explore, drill, trade, market petroleum or natural gas, your profitability is closely tied to the industry. Operational nuances and unique tax situations impact each oil and gas company and investor.
In a complex and changing regulatory environment, our team provides a variety of oil and gas accounting solutions to upstream, midstream and downstream companies to help drive efficiency and create value. Clients rely on us to manage bookkeeping and back-office processes, deliver complex audit services, recommend tax strategies and provide insights to drive success.
By the numbers
450+
Oil and gas companies served
300+
Professionals specializing in energy
35+
Years of experience serving the E&P market
Oil & gas solutions
Baker Tilly understands the life cycle of businesses in the oil and gas sector — from inception to growth to acquisition and maintenance. Our team can assist with all aspects of a company’s financial, tax and technology life cycle.
Upstream profitability is closely tied to the oil and gas industry's complex financial reporting and compliance, digital innovation and market volatility.
Baker Tilly can help you address your challenges, including:
- Outsourced accounting: Our team helps build critical scale in managed services allowing your team to focus on your core business, not on processing and managing your payables, joint interest billing (JIB) statements or revenue distribution checks.
- Digital solutions: By harnessing the power of your data, we improve business performance and profit, support growth, manage risk and strengthen your competitive advantage.
- Risk management: Develop a comprehensive risk management program to secure operations amid business changes to help companies adjust to a cyclical market. Our industry specialist can help your business focus on the strategic landscape of the organization and its future.
Midstream companies are under increased pressure from capital constraints, a stressed supply chain and environmental concerns regarding emissions from core oil and gas operations.
Baker Tilly can help you optimize your operations through:
- Baker Tilly advantage: We can aid your business with advisory services, bringing strategy, finance and technology together to create a deployable opportunity that reduces the delays and disruptions in the delivery of equipment and materials.
- Supply chain strategy, planning and optimization: In the competitive marketplace, a strong supply chain strategy is essential to mitigate disruptions, delays and increased costs. Baker Tilly's strategic advisory services are tailored to optimize and fortify supply chains, ensuring resilience, driving value and enhancing competitiveness.
- ESG: Developing a strategy to take action on your energy transition commitments by helping you stay ahead of regulatory changes, new technologies and subsidies taxes supporting decarbonization initiatives.
Oil and gas field services providers are faced with evolving cybersecurity threats, resource pressures and unique tax situations.
Baker Tilly can help you address these challenges by:
- Cybersecurity: Review your organization's cyber defense protection to avoid a potential cybersecurity breach to help achieve measurable security enhancements and cybersecurity control improvements.
- CFO advisory: Utilize advanced analytics and the transformation of financial and accounting functions to help owners, investors, CFOs and their teams meet evolving critical needs along their business life cycle.
- Tax services: Our accountants are familiar with the intricacies of the industry’s tax incentives which allows our clients to take advantage of federal tax benefits while staying on top of variations in state taxation.
Client stories
Oil and gas company moves financials to the cloud
Learn how Arc Terminals Holdings moved their financials to the cloud with help of Baker Tilly and Sage Intacct.
Midstream oil and gas company moves to Baker Tilly's platform
Baker Tilly implements Sage Intacct for Gravity Midstream.
Oilfield services provider cuts computing costs with FieldFX
Learn how Silvertip Completions cut computing costs almost in half and eliminated manual processes with FieldFX integration by Baker Tilly.
Growing oilfield services company enabled to manage multiple entities
Aly Energy now has enhanced options regarding inter-company transactions and multi-entity consolidations.
Gaining cost efficiencies while increasing drilling operations
Independent oil and gas operator reduces costs and safety incidents while increasing visibility through the use of advanced analytics.
Why Baker Tilly?
We understand the oil and gas industry operates in a dynamic landscape where precision, efficiency and compliance are critical. Energy transformation, market volatility, and consumer demand are reshaping the industry. Baker Tilly remains committed to harvesting the benefits of change to enhance your business by focusing on digitalization and data-driven decision-making.
Industry expertise
Seasoned professionals with a broad range of services and skills
Scalability
Grow or reduce services and staff to support your evolving needs
Efficiency and focus
Free yourself up to focus on managing assets, deals and operations
Best practices
Tested processes and systems ensure accuracy and standardization
Energy focused geographic presence
Baker Tilly’s presence spans throughout Texas, with offices in Houston, Dallas and Austin, strategically positioned at the heart of energy activity. While our oil and gas practice is based in Texas, our dedicated team members extend across vital energy hubs nationwide. With offices in Texas, West Virginia, Pennsylvania, Oklahoma, California and North Dakota, we’re strategically positioned to serve clients in the dynamic oil and gas industry.
Oil and gas assurance services
Our specialized audit professionals train and operate on a risk-based model relying on a close understanding of your business, oil and gas accounting, and internal controls. Our firm invests in technology to keep your audit at the forefront through data analytics, robotic process automation (RPA) and constantly evolving software.
ASC 606 (Revenue Recognition) Insurance Organization Services
How will you know if ASC 606 impacts your insurance organization?
Financial Statement Audit
Baker Tilly marries technology with the extensive experience to provide clients with an innovative financial statement audit service.
Lease Accounting (ASC 842 and GASB 87)
Are you ready to implement ASC 842 or GASB 87, one of the new lease accounting standards? With new practical expedients, organizations should re-evaluate their implementation plan. No plan in place? Our lease accounting specialists can help.
Employee Benefit Plan Audit
We help meet your employee benefit plan’s annual audit and filing requirements, and work to protect the plan’s integrity.
International Audit
Optimize strategic decision-making based on accurate global financial information.
System & Organization Controls (SOC) Reporting
Baker Tilly’s dedicated AICPA SOC specialists perform hundreds of SOC engagements each year and help clients with their SOC reporting needs across a wide variety of industries.
Oil and gas tax services
For upstream and midstream companies, profitability is closely tied to the oil and gas industry’s unique tax situation. Your organization may be missing out on tax benefits – or even vital investment capital – if you 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 while staying on top of variations in state taxation.
Federal Tax
Baker Tilly offers specialized federal tax management services including compliance and planning expertise to help businesses optimize value while minimizing their tax burden.
State & Local Tax
Our state and local tax services professionals offer specialized expertise to help businesses and individuals understand increasingly complex state and local tax rules.
Inflation Reduction Act Tax Credit Solutions
The Inflation Reduction Act (IRA) includes the largest clean energy incentive effort in U.S. history. Find out how your organization can leverage IRA energy tax credits to save as much as 50% or more on qualifying project costs.
Individual Income Tax Planning & Compliance
Taxes are inevitable, but have you proactively planned for tax compliance? Baker Tilly’s private wealth tax professionals can optimize your tax strategy now, for tomorrow.
Unclaimed Property
We provide advocacy and operational solutions to managing and minimizing all areas of risk associated with unclaimed property compliance.
Oil and gas outsourced accounting
We provide you with dependable, cost-effective solutions to reduce your overhead and effort spent managing day-to-day accounting tasks. With decades of oil and gas industry experience, we work with you to build a customized plan to meet your business needs and maximize profits.
We understand where our energy clients strengths are in the current environment and help them translate those strengths into growth. We focus on improving performance and optimizing return by working with clients in regards to finance, asset management and tax strategies.Laura Edwards, Oil and gas industry practice leader
Our professionals
Baker Tilly’s team consists of professionals with sophisticated tax expertise, dedicated accounting and analytics and digital solutions experience within the oil and gas industry. With more than 35 years of experience, we help clients innovate to survive the never-ending changing economic conditions.
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