Oil and Gas/Mining

Oil and Gas Opportunities

About Oil and Gas/Mining Accounting Services

 

The last few years have been buzzing with news and opportunities surrounding the development of the Marcellus Shale. Landowners are looking at potential financial windfalls from leasing and drilling opportunities, but many face confusing and difficult decisions. SSB understands the tax implications of oil and gas choices and, working with legal counsel, can help you sort through the complexities. A financial windfall is a welcome event, and we can help you plan to handle it responsibly for you today and for future generations.

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We work closely with your attorney to develop the best strategies in dealing with drilling companies as well as how to structure the transaction to minimize taxes. If you do not have an attorney, SSB can recommend attorneys who are knowledgeable in structuring these transactions. If you are contemplating entering into an oil and gas lease, SSB can help you sort through all of the surrounding tax complexities and benefits available in order to arrive at a sound plan.


Minerals Management

Oil and gas holdings bring significant benefits to owners but also bring much complexity. SSB has developed comprehensive resources to help you maximize and control your holdings and can benefit any type of owner—from individuals and businesses to trusts and foundations. Our team has specialized training in this industry and holds Certified Valuation Analyst (CVA) designations.

Consider these questions, then let us help you find the answers:

  • Are you being paid for the correct amount of acreage in your lease?

  • Are you receiving checks in a timely manner?

  • Are you being paid for the correct production?

  • Is your well percentage correct?

  • Are you being paid for the correct percentage of well production?

  • Do the terms on the production order agree to those on your lease?

  • Are you paying too much property tax?

  • Should you consider a property tax valuation appeal?

Mining

Prior to drilling the first exploration hole continuing through to the development, mining and reclamation phases, companies operating in the mining industry must plan and implement significant strategies. Important considerations in the industry include improving safety, complying with state and federal environmental regulations and managing uneven cash flows resulting from seasonal demand, economic cycles and price volatility. In order to be successful, management must become skilled at customizing sales contracts, implementing technology to improve productivity, managing transportation costs, determining competitive strategies for their commodities and acquiring sufficient mineral reserves to ensure the longevity of the company.

It is essential to adopt appropriate accounting and tax treatment for the costs incurred at each stage of the mining process. SSB has the unique and specialized accounting and tax knowledge necessary to assist mining companies in formulating critical strategies to compete in today’s complex mining industry.

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