Energy

Empowering Energy Companies with Accounting Strategies that Drive Growth

At Windes, our energy team has a deep understanding of our clients’ financial landscapes, encompassing income, expenditures, tax liabilities, financial goals, and beyond. We offer sophisticated expertise tailored to your business and the challenges and complexities
inherent in the energy sector, including:

Upstream activities and the financial implications of a broad range of energy ventures
Industry rates for regulated and deregulated states
Financial statement audits, tax return preparation and planning, and tax credit calculations
specific to the energy industry
Advisory services under one roof for a comprehensive and integrated approach to servicing clients

Oil & Gas and Renewable Energy Companies

Windes provides energy accounting services to companies involved in exploration, production, gathering, and distribution. Our clients are part of this diverse industry that includes:

Exploration and production (E&P) companies
Pipeline, transportation, and compression companies
Oil field service industries and equipment manufacturers
Natural gas marketing firms
Drilling funds

Windes offers technical expertise and a commitment to service to emerging, independent, and middle-market energy company clients.

Energy Accounting Services

Audit

Windes has experience working with clients in multiple areas of the energy industry, including:

Companies that conduct exploration and production (including horizontal drilling and 3D seismic)
Pipelines, compressor stations, and gathering systems
Downstream activities include fracking stations and small refineries
Distribution and transportation of goods to retailers

Additionally, we are familiar with technical aspects, such as:

Accounting methods for full costs and successful efforts
Retirement obligations for assets
Issues related to the environment
Transactions involving derivatives (floors, collars, and ceilings)
Entities with variable interest
Public and private reporting requirements
Deferred taxes
Tax reporting (including statutory depletion and other differences between GAAP and tax laws)

Tax

Windes tax experts assist individuals (investors and promoters), partnerships (multi-level partnerships and special allocations), as well as corporate entities, including:

Exploration, production, and disposition of real estate (accounting and taxation)
Acquisition of properties through leases and lease bonuses, net profits, working interests, royalty interests, delay rentals, advance royalties, overriding royalty interests, production payments, and ownership interests exchanged for services.
Costs of drilling and development – geological and geophysical costs, expensing versus capitalizing, intangible drilling costs, carried interests, tangible equipment costs, completion costs, and dry hole costs.
Production – taxation of different types of mineral interests, depreciation of lease and well equipment, lease operating expenses, cost and statutory depletion calculations, barrel limitations, and net income and 65% limitations
Exchanges and dispositions – sales, leases, farmouts, like-kind exchanges, and abandonments

Advisory

We provide specialized advisory services for energy clients, such as financial management outsourcing, operational and internal audits, and software implementation. Other services include:

Management of lease commitments
Ownership and reporting of foreign companies
Exchanges and sales
Taxes on sales and use
Advice and representation on state and local taxes
Representation to income taxing authorities
Valuation of businesses
Planning for succession

Ready to fuel your company’s growth?

Talk to a Windes energy expert today and discover how we can help empower your business’s success.

Energy Industry Insights

Read About - Inflation Reduction Act Tax Credits and Green Manufacturing

Inflation Reduction Act Tax Credits and Green Manufacturing

If you own a business in the manufacturing sector, understanding the tax credits and incentives offered under the Inflation Reduction Act and whether you qualify can help lower your tax liability.

Read About - Tax Credits Available to Nonprofits Under the Inflation Reduction Act

Tax Credits Available to Nonprofits Under the Inflation Reduction Act

Programs created by the Inflation Reduction Act of 2022 (the Act) are accompanied by provisions that give nonprofits the opportunity to receive tax credits and “enable them to take an active role in building the clean energy economy, lowering costs for working families, and advancing environmental justice.”